Elon Musk’s “America Party,” may not have much success, but voters’ dissatisfaction with the major parties is very real.

Mr. Musk’s involvement in politics and his financial support for the president’s campaign were once seen by investors as a benefit to Tesla, fueling a steep rise in company shares after the election last year. That association has now turned into a liability. Tesla shares are down 40 percent from their peak in December.

Investment firm Azoria Partners has delayed the listing of a Tesla exchange-traded fund soon, with CEO James Fishback calling for the board to evaluate if his political involvement is compatible with his obligations to Tesla as CEO.

Elon Musk isn't done with politics just yet. Days after the SpaceX and Tesla CEO threatened to form his own political party as an alternative to America's "Democrat-Republican uniparty," Musk has announced his pledge to do so.

Tesla stock price fell Monday after Musk said he's formed the America Party, the latest development in the billionaire's feud with President Trump.