Shares in Tesla tanked by as much as 7.6% in premarket trading Monday after its CEO Elon Musk said he is forming a new American political party, provoking an irate response from US President Donald Trump.

President Donald Trump and Elon Musk are once again trading public insults after the Tesla billionaire, the world's richest man, said he will create a new political party.Musk, who has been floating the idea of creating a third political party for weeks in the wake of his split with the president,

The tech billionaire’s effort to create a new political party, called the America Party, comes amid a ramped-up feud with the president over his new domestic policy law.