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.

During a feud with President Trump, Tesla Chief Executive Elon Musk announced plans to start his own political party. Shares for his company fell more than 6% Monday.

President Trump said Elon Musk's new third party is "good for me" but maybe not for other Republicans during a press conference.