Elon Musk's net worth has taken a $15.3 billion hit after the Tesla CEO announced he was to form a new political party. The news sent ripples through financial markets and spooked investors concerned about Musk's political ambitions and possible implications for Tesla's brand and business operations.

Musk has not released an official party platform and has reported a false filing of the proposed political party to the Federal Election Commission. Here's what you need to know about the America Party and what this means for Musk's electric car company: Tesla.

Ross Gerber, a longtime Tesla investor and vocal Musk critic, didn’t hold back online, writing in his own post that, “no one wants the Elon first party,” accusing the company’s board of being “Elon vampires sucking the blood of Tesla equity.”