These days, Tesla investors would probably like to be thinking about EV sales, robo-taxis, or anything else besides politics.

Shares in Tesla tanked by as much as 7.6% in premarket trading Monday after its CEO Elon Musk said he is forming a new American political party, provoking an irate response from US President Donald Trump.

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