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.

President Donald Trump says he's not worried about the political ramifications of Elon Musk's new political party.

Elon Musk announced the launch of a new, third political party, which aims to unseat Republican lawmakers who backed President Trump's recently-passed tax and spending bill.