Tesla slides as investors worried by Musk's latest political move

Chief executive plans to launch a new US political party

Tesla shares fell nearly 7% in premarket trading on Monday after chief executive Elon Musk's plans to launch a new US political party reignited concerns about his commitment to the company's future as it struggles with declining sales.

Tesla shares fell nearly 7% in premarket trading on Monday after chief executive Elon Musk's plans to launch a new US political party reignited concerns about his commitment to the company's future as it struggles with declining sales.

Mr Musk unveiled the 'America Party' on Saturday after openly sparring with Donald Trump over the US president's tax-cut and spending bill. Their feud erupted into an all-out social media brawl in early June, with Mr Trump threatening to cut off the billions of dollars in subsidies that Mr Musk's companies receive from the federal government.