Overview

• Elon Musk formally registered The America Party with the Federal Election Commission on July 5 to champion centrist voters.
• Investors led by James Fishback and Ross Gerber have publicly urged Tesla’s board to rein in Musk’s political venture, citing conflict with his CEO duties.
• Tesla’s share price has tumbled over half its value since April and dipped another 7% on the party announcement as threats to federal tax incentives loom.
• A Quantus Insights survey for the Miami Herald found 40% of respondents open to supporting the new party, including 57% of previous Republican male voters.
• Political analysts warn the entrenched two-party system poses steep hurdles to lasting third-party success, leaving the long-term viability of Musk’s venture in doubt.