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's proposal for a third party comes after disagreements with President Trump over a tax and spending bill that was passed. Does the world's richest man have a chance of succeeding where others have failed?