Bloomberg journalists discuss today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.

Tesla shares fall as CEO Elon Musk says he plans to form a new political party after reigniting a feud with President Donald Trump over the tax-and-spending bill that was signed last week.

Tesla stock is weaker in premarket trade as investors react to Elon Musk’s announcement that he will form a new U.S. political party.

But then, the news that investors had been hoping for; Musk announced he would be stepping away from government to focus on his businesses. Tesla stock recovered to as high as $356, although the ride remains uncomfortable. Musk also began raising capital for his artificial intelligence business xAI Corp., said to have a $5 billion target.