Overview

• Elon Musk formally launched the America Party on July 5 after an X poll on Independence Day showed 64.4% support for a new political alternative.
• Tesla shares dropped nearly 7% on July 7, wiping out about $68 billion in market value and prompting Wedbush’s Dan Ives to call for board-imposed guardrails, which Musk rebuffed on X with “Shut up, Dan.”
• The Federal Election Commission has lacked a quorum since April, preventing it from certifying new parties and leaving candidates to meet diverse state vote or petition thresholds for 2026 ballots.
• Election lawyers say creating a super PAC could bypass formal FEC recognition and state hurdles, speeding candidate access to key congressional contests in 2026.
• President Donald Trump described Musk’s new party as “ridiculous” before conceding that a third option “will help us,” highlighting divisions within GOP ranks.