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.

Tesla shares sank Monday after CEO Elon Musk announced he would form a new political party in an escalation of his feud with President Donald Trump.

The America Party has yet to hold a formative congress or issue a specific platform. Little is known about the party’s stance, beyond Musk’s vague comments of a preference for centrism, deregulation, reduction of government spending and support for Bitcoin ( BTC ).