During a feud with President Trump, Tesla Chief Executive Elon Musk announced plans to start his own political party. Shares for his company fell more than 6% Monday.

Elon Musk has said that he’s formed a new political party, but it’s unclear what steps — if any — he’s taken to do so, or how the effort might affect upcoming elections. Musk has not yet released any additional information. Spokespeople for Musk and his political action committee, America PAC, didn’t immediately comment Monday.

When Tesla chief executive Elon Musk asked his followers on the social platform X last week whether it was time to create a new political party, 80 percent answered “yes.” Wall Street seems to disagree.