Tesla stock lost nearly 7% Monday after Elon Musk announced plans of launching the “America Party.” William Blair downgraded TSLA shares.

Tesla shares sank Monday after CEO Elon Musk announced he would form a new political party in an escalation of his feud with President Donald Trump.

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.