Elon Musk said he would form a new political party called the "America Party." Tesla shares fell around 7% in premarket trading on Monday after Musk's announcement. Tesla shareholders have wanted Musk to stay away from politics,

The Tesla CEO says both parties have failed and claims The American Party will fight government bloat, attract disillusioned Democrats, and shake up the system.

Tesla ( TSLA 0.04%) is one of the world's leading electric vehicle (EV) manufacturers, but many analysts believe the company's true value lies in its futuristic product platforms like the autonomous robotaxi and Optimus humanoid robot. In fact, CEO Elon Musk believes those products will make Tesla the largest company in the world one day.