Dan Ives, an analyst with Wedbush Securities, wrote that Musk's continued push into politics was "exactly the opposite direction" investors wanted to see.

These days, Tesla investors would probably like to be thinking about EV sales, robo-taxis, or anything else besides politics.

Musk’s net worth fell by as much as $15 billion in the days following the announcement of his political party. Market Reaction: Tesla stock dropped nearly 7% on the first trading day after the announcement,