By Joel Jose and Arsheeya Bajwa (Reuters) -Tesla shares fell nearly 8% on Monday after CEO Elon Musk's plans to launch a new U.S. political party reignited concerns about his commitment to the company's future as it struggles with declining sales.

President Trump slammed the tech billionaire's announcement that he's forming a third political party. Here's what to know about the America Party.

The billionaire says the America Party aims to disrupt U.S. politics, but with no candidates yet and major ballot hurdles ahead, its future remains uncertain.