Disappointment is rarely good for stock prices. On Saturday, Musk announced he was forming the “America Party,” after running a poll on X asking if a new political party should be created. Musk has more than 225 million followers on X, and the poll garnered almost 79 million votes, with 65.4% saying “Yes” to a new party.

WASHINGTON, July 5 (Reuters) - The dispute between Republican President Donald Trump and his main campaign financier Elon Musk took another fractious turn on Saturday when the space and automotive billionaire announced the formation of a new political party, saying Trump's "big, beautiful" tax bill would bankrupt America.