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

Tesla’s board of directors was urged to put its foot down and rein in CEO Elon Musk after the electric car maker’s stock tanked following the mercurial mogul’s vow to launch a rival political party. Wedbush Securities analyst Daniel Ives penned a bluntly worded note on Tuesday calling on the board to “act now” and establish formal boundaries around Musk’s political activities,

Tesla shares sank Monday after CEO Elon Musk announced he would form a new political party in an escalation of his feud with President Donald Trump.