Musk, who has been floating the idea of creating a third political party for weeks in the wake of his split with the president, reignited the push over the weekend after the passage of Trump's sweeping tax cut and spending bill -- which Musk railed against over its estimated impact adding trillions to the national debt.

Shares in Tesla tanked by as much as 7.6% in premarket trading Monday after its CEO Elon Musk said he is forming a new American political party, provoking an irate response from US President Donald Trump.

President Donald Trump took aim at Elon Musk after his former adviser announced the creation of a new political party following staunch opposition to the president's signature legislation.