Elon Musk's net worth has taken a $15.3 billion hit after the Tesla CEO announced he was to form a new political party. The news sent ripples through financial markets and spooked investors concerned about Musk's political ambitions and possible implications for Tesla's brand and business operations.

"When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy," Musk said in the announcement.

The feud between Elon Musk and Donald Trump escalates as Musk launches the 'America Party.' Trump criticized Musk's move, deeming him 'off the rails' on Truth Social, further adding that third parties create disruption.