On Sunday, reports emerged that Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk had filed with the Federal Election Commission to launch a new third party, only for the billionaire to deny its authenticity later.
What Happened: A Statement of Organization was posted on the Federal Election Commission (FEC) website, suggesting the formation of a new political entity named the "America Party."
The filing listed the candidate's name as Elon Reeve Musk, with Tesla CFO Vaibhav Taneja identified as both the treasurer and the custodian of records.
However, within hours, Musk took to X and said, "This filing is false and has been reported as such to the FEC."
See Also: Elon Musk’s Tesla Must Embrace LiDAR To Scale FSD, Says Ross Gerber
Why It's Important: The filing appeared shortly after Musk, who has publicly clashed with President Donald Trump over a tax-and-spending bill, declared on X, "Today, the America Party is formed to give you back your freedom."
Musk had criticized the bill's fiscal impact, calling the U.S. "a one-party system, not a democracy."
Trump responded on Truth Social, mocking the idea of a Musk-led third party. "Train Wreck," he wrote. The system isn't designed for third parties, he added, saying they only cause "Disruption & Chaos."
Musk had been one of Trump's biggest financial backers in the 2024 campaign and led the Department of Government Efficiency (DOGE) before stepping away in May.
Price Action: Over the past five days, Tesla shares have fallen by 2.75%, according to Benzinga Pro data.
Benzinga's Edge Stock Rankings show that TSLA maintains a solid upward trend across short, medium and long-term periods. Although its growth ranking remains robust, its value score is comparatively lower. Additional performance details can be found here.
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Photo Courtesy: Frederic Legrand – COMEO On Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
