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.

Musk has not released an official party platform and has reported a false filing of the proposed political party to the Federal Election Commission. Here's what you need to know about the America Party and what this means for Musk's electric car company: Tesla.