Tesla shares sank Monday after CEO Elon Musk announced he would form a new political party in an escalation of his feud with President Donald Trump.

The feud reignited on Monday when Musk, who spent hundreds of millions on Trump's re-election, renewed his criticism of Trump's tax-cut and spending bill, which would eliminate subsidies for electric vehicle purchases that have benefited Tesla, the leading U.S. EV maker. That bill passed the Senate by a narrow margin midday Tuesday.

Elon Musk says he’s founding a new political party called the America Party, marking a significant escalation in his increasingly public feud with President Donald Trump. “Today, the America Party is formed to give you back your freedom,