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

Elon Musk's net worth has taken a $15.3 billion hit after the Tesla CEO announced he was to form a new political party. The news sent ripples through financial markets and spooked investors concerned about Musk's political ambitions and possible implications for Tesla's brand and business operations.

Tesla CEO Elon Musk has announced plans to launch a new political party, sending Tesla's stock tumbling and roiling the markets. Tesla shares fell as much as 7.6% in pre-market trading before slightly recovering.