More than a month after their initial social media bluster, Elon Musk has announced the formation of a new U.S. political party in response to U.S. President Donald Trump signing his sweeping tax and spending bill into law.

"The America Party is formed to give you back your freedom," Musk said, days after Trump debated deporting him.

Tesla shares sank Monday after CEO Elon Musk announced he would form a new political party in an escalation of his feud with President Donald Trump.