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.

Coming into Monday trading, Tesla stock was up 25% since the Nov. 5 election, down 22% year to date, up 17% since news that Musk was likely to leave DOGE in early April, and down 8% since a spat broke out between Trump and Musk on social media in early June.

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 Trump’s re-election, has now dropped 35%,