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's CEO has proved once again that investors in his EV company would prefer that he stay out of politics and focus on the business.

Mr. Musk’s involvement in politics and his financial support for the president’s campaign were once seen by investors as a benefit to Tesla, fueling a steep rise in company shares after the election last year. That association has now turned into a liability. Tesla shares are down 40 percent from their peak in December.

During a feud with President Trump, Tesla Chief Executive Elon Musk announced plans to start his own political party. Shares for his company fell more than 6% Monday.

By Joel Jose (Reuters) -Tesla shares fell nearly 7% in premarket trading on Monday, after CEO Elon Musk's plans to launch a new U.S. political party reignited investor concerns about his commitment to the electric-vehicle maker's future.

TSLA Bull 2X Shares is a high-risk, high-reward play on Tesla's rebound after its recent selloff. Learn more about TSLL ETF here.

The veteran Tesla bull says there is a 'sense of exhaustion' from many investors that their CEO keeps heading down the political track.

By Joel Jose (Reuters) -Tesla shares fell nearly 7% in premarket trading on Monday after CEO Elon Musk's plans to launch a new U.S. political party raised investor doubts about his focus on the electric automaker's future.