Shares in Tesla tanked by as much as 7.6% in pre-market trade Monday after its CEO Elon Musk said he is forming a new American political party, provoking an irate response from US President Donald Trump.

Shares of Tesla tumbled 8% at the opening bell Monday as the feud between CEO Elon Musk and Trump reignited over the weekend.Musk, once a top donor and ally of Trump, announced that he was forming a third political party in protest over the Republican spending bill that passed late last week.

It’s not yet seven weeks since two of the most powerful men in America bid each other a fond farewell during a meeting in the Oval Office, Elon Musk hanging up his hat as the head of the Trump administration’s Department of Government Efficiency and returning to Texas as CEO of Tesla.

EV giant Tesla Inc. (TSLA) is urging potential customers to take delivery of their new vehicles before September 30 to qualify for $7,500 federal tax credit. Tesla shares were down 0.4% at the time of writing.

President Donald Trump’s pick for the agency that oversees auto safety tore into Tesla seven years ago for what he called “misleading” safety claims about one of its popular electric car models. The 2018 letter to Elon Musk from Jonathan Morrison,

Dow Jones futures rose slightly early Wednesday, along with S&P 500 futures and Nasdaq futures. Trump tariff letters and other news remains in focus.Dow giant MerckMRK announced before the open that it will buy Verona PharmaVRNA,

Tesla stock was downgraded from “Outperform” to “Market Perform” by William Blair analyst Jed Dorsheimer, according to Benzinga. Dorsheimer cited the impact of the Trump-supported “Big Beautiful Bill” as a major concern.

Tesla, Inc. faces rising competition in China, regulatory risks from Trump's EV tax plan, and concerns over FSD and Robotaxi progress. Click for my TSLA update.