Tesla shares experienced a significant dip, falling 7% in premarket trading following Elon Musk's announcement that he intends to launch a new political party. Musk revealed the party's name as the "America Party." The market reaction suggests investor uncertainty or concern regarding the potential impact of Musk's increased political involvement on Tesla's operations and future prospects. This move adds another layer to Musk's already diverse portfolio of ventures and public engagements.