Tesla stock lost nearly 7% Monday after Elon Musk announced plans of launching the “America Party.” William Blair downgraded TSLA shares.

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By Joel Jose and Arsheeya Bajwa (Reuters) -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.