Elon Musk said he would form a new political party called the "America Party." Tesla shares fell around 7% in premarket trading on Monday after Musk's announcement. Tesla shareholders have wanted Musk to stay away from politics,

Tesla's stock, which hit a record high in December after Trump's November re-election, has lost 35 per cent since then, making it the worst-performing stock among "the Magnificent Seven" group of high-growth U.S. companies this year.