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.

Tesla shares plunged 6.8% on July 7, wiping out over $68 billion in market cap, after CEO Elon Musk announced plans to launch a new political party, the “America Party.” The move intensified his feud with Donald Trump and sparked investor concerns over distractions from Tesla's core business.