Tesla’s stock took a hit this week after former U.S. President Donald Trump dismissed Elon Musk’s proposed new political party, describing the billionaire as “off the rails.”

Trump’s blunt remarks came during a rally where he was asked about Musk’s rumored plans to launch a political movement that could shake up the traditional two-party system. Trump didn’t hold back, calling the idea “ridiculous” and suggesting that Musk should “focus on his cars instead of politics.”

The comments quickly rippled through the market, with Tesla’s shares dropping by nearly 6% in early trading. Investors worry that Musk’s growing involvement in controversial political discussions could distract from Tesla’s core business or spark backlash that might impact the brand.

Analysts say it’s a reminder of how closely tied Tesla’s stock is to Musk’s public image. “Every time Musk makes headlines for something outside of Tesla, it creates uncertainty,” said one Wall Street strategist. “Investors want him focused on production targets, new models, and expanding into new markets — not getting into spats with political figures.”

Musk has yet to formally confirm the creation of a new political party, though he’s hinted at frustrations with both Democrats and Republicans. Meanwhile, Tesla continues to face its own set of challenges, from increased EV competition to concerns over consumer demand and regulatory scrutiny.

As usual, all eyes will be on Musk’s next move — and whether he can steer both his company and his political ambitions without rattling investors further.