Elon Musk said he’s carrying out his threat to form a new political party after his fissure with President Donald Trump, announcing on social media that he would form the America Party in response to the president’s sweeping tax cuts law.

EV giant Tesla Inc. (TSLA) is urging potential customers to take delivery of their new vehicles before September 30 to qualify for $7,500 federal tax credit. Tesla shares were down 0.4% at the time of writing.

Elon Musk has officially launched a new political movement, the "America Party," following the repeal of the $7,500 federal EV tax credit.

Musk has conducted polls on whether he should sell his Tesla stock or to reinstate President Donald Trump to the platform.

Tesla stock is sliding on Monday after CEO Elon Musk's latest foray into politics, and Wall Street is growing concerned over the loss of EV tax and regulatory credits stemming from Trump's "One Big Beautiful Bill.