The feud between Elon Musk and President Donald Trump is entering a new phase after the Tesla CEO said he would form a new political party. That looks to be giving a helping hand to at least one rival to Musk’s corporate empire.

Dan Ives, an analyst with Wedbush, wrote that Musk's continued push into politics is "exactly the opposite direction" investors want to see.

Billionaire Elon Musk said Saturday he is forming a third political party, after a dramatic falling out with Donald Trump, indicating he will make good on threats he made if the president’s domestic policy bill became law.