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

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.

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.