Dan Ives, an analyst with Wedbush, wrote that Musk's continued push into politics is "exactly the opposite direction" investors want to see.

Investment firm Azoria Partners said on Saturday it will postpone the listing of its Azoria Tesla Convexity exchange traded fund after Tesla CEO Elon Musk said he was forming a new U.S. political party.

President Donald Trump derided Elon Musk’s announcement that the Tesla and SpaceX chief executive officer is starting a new political party, saying the US has “always been a two-party system.”

"The America Party is formed to give you back your freedom," Musk said, days after Trump debated deporting him.