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.

Shares in Tesla plunged 6.79% Monday after its CEO Elon Musk said he is forming a new American political party, provoking an irate response from President Donald Trump. Shares in Tesla (TSLA) had dropped as much as 7.