Tesla’s troubles go far beyond CEO Elon Musk’s recent dust-up with President Donald Trump, who accused the former “first buddy” of going “completely ‘off the rails’” in a social media slap fight over the weekend.

But while the battles between Musk and Trump are getting all the attention, the outlook for Tesla’s revenue and bottom line have has gotten notably worse. And the company could even be back to losing money, for reasons unrelated to Musk’s personal politics.

Musk was Trump’s largest financial supporter during the 2024 campaign, and was a mainstay at Mar-a-Lago and the White House at the start of Trump’s second term, with his role in slashing the federal workforce at the Department of Government Efficiency (DOGE). But Musk has since announced he was starting a new political party due to his displeasure with the tax and spending bill signed by Trump on Friday — and the barbs on their respective websites have only increased since then.

Shares of Tesla closed Monday down 6.8%, as investors were concerned about the implication of Musk’s latest political moves, despite his promises to re-focus on the company.

“Very simply Musk diving deeper into politics and now trying to take on the Beltway establishment is exactly the opposite direction that Tesla investors/shareholders want him to take during this crucial period for the Tesla story,” wrote Dan Ives, an analyst at Wedbush Securities who’s known for being optimistic about the company.