Florida Gov. Ron DeSantis suggested that Elon Musk could have a big impact if he pushed for balanced budget and term limits amendments to the Constitution.

Musk, who has been floating the idea of creating a third political party for weeks in the wake of his split with the president, reignited the push over the weekend after the passage of Trump's sweeping tax cut and spending bill -- which Musk railed against over its estimated impact adding trillions to the national debt.

"I am saddened to watch Elon Musk go completely "off the rails," essentially becoming a TRAIN WRECK over the past five weeks,' Trump wrote on social media.

Tesla CEO Elon Musk rebuffed analyst Dan Ives' suggestion that Tesla's board establish guardrails for his political activism after he vowed to launch an America Party.

NPR’s Tamara Keith and Amy Walter of the Cook Political Report with Amy Walter join Amna Nawaz to discuss the latest political news, including Elon Musk says he's starting a new party after his feud with Trump.

Shares in Tesla plunged 6.79% Monday after its CEO Elon Musk said he is forming a new American political party, provoking an irate response from President Donald Trump. Shares in Tesla (TSLA) had dropped as much as 7.