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Tesla Shares Slide 7%, Wiping Out $68B in Value After Musk Unveils 'America Party'

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Tesla shares dropped nearly 7% Monday, erasing over $68 billion in market value after CEO Elon Musk announced the formation of the 鈥淎merica Party," according to CNBC. Musk said the new party would aim to influence key Senate and House races enough to sway legislation 鈥渢o serve the true will of the people.鈥 Musk鈥檚 political involvement with the Department of Government Efficiency has raised concerns among investors about potential damage to Tesla鈥檚 brand. Wedbush analyst Dan Ives warned Musk鈥檚 political ambitions are 鈥渆xactly the opposite direction鈥 Tesla needs now. Tesla is facing challenges beyond politics, including a 14% year-over-year drop in second-quarter deliveries and growing competition in China.

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