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.

Stock shares in Elon Musk's car company Tesla fell about 7% Monday after the billionaire ex-DOGE chief announced plans to form his new "America Party."

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 ).