The stock tumbled another 7% Monday as Musk’s feud with President Donald Trump escalates, and their bromance fades into a distant memory. Musk is now promising to launch the America Party due to his gripes with Trump’s budget bill, which Musk argues is “bankrupting our country with waste & graft.”

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

Tesla’s stock price has plunged in response to Elon Musk’s announcement of a new political party and his latest attacks on President Donald Trump. Investors are once again concerned about Musk’s focus as the company’s CEO announced over the weekend that he has launched the America Party.