Tech billionaire Elon Musk says he's starting a new political party, but Tesla investors aren't thrilled.

Shares of Tesla plunged nearly 7 percent Monday, as markets reacted to Musk's plans for the "America Party," a third political faction aimed at rivaling Democrats and Republicans, and in response to President Trump's renewed calls for tariffs.

Prominent Wall Street tech analyst Dan Ives said the billionaire entrepreneur's latest political foray is "exactly the opposite direction that most Tesla investors want him to take" and is "causing exhaustion."

"I think the board is going to have to get involved," Ives, managing director at Wedbush Securities, told Bloomberg TV on Monday, adding that Musk is starting to cross "a line in the sand."

James Fishback, CEO of investment firm Azoria, said Saturday that the firm would be postponing the launch of its Tesla-focused ETF due to Musk's political party announcement.

"We deserve a full-time CEO, not someone fixated on sabotaging President Trump," Fishback, known for proposing "

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