Tesla’s stock gets punished as Musk says he’ll start third political party. ‘This is not the news we want to see.’ T esla investors faced a rough start to the week, with shares dropping after Chief Executive Elon Musk’s plan for a new U.S. political party drew the ire of President Donald Trump — and one downgrade.

Investment firm Azoria Partners has delayed the listing of a Tesla exchange-traded fund soon, with CEO James Fishback calling for the board to evaluate if his political involvement is compatible with his obligations to Tesla as CEO.

Tesla stock plunged nearly 8% after Elon Musk launched the American Party, sending shockwaves through Wall Street. The stock, once flying high at over $488 in December after Trumps re-election, has now dropped 35%,