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Tesla is facing a tough time. The shares of the electric car company saw a sharp drop of around 7 percent after its CEO Elon Musk announced he is floating his new political party as tensions with President Trump escalates.

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,

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.

Susie Wiles said it was "not a good ending" for Musk's time in the White House, but she enjoyed working with him overall.