Musk has been able to play off Tesla's struggles for over a year now because the stock has been astonishingly resilient. Neither political gaffe nor falling deliveries has knocked Tesla off its upward trajectory, but Monday's selloff may be a sign of a changing sentiment.

Tesla is Elon Musk. Elon Musk is Tesla. Rarely has a company’s identity been so inextricably linked to its CEO, for better and for worse. For years, this fusion was a superpower, giving Tesla an innovative mystique that captivated investors and propped up its valuation. Now, that same connection has become a massive liability.

Tesla shares fell on Monday after the electric-car maker’s chief executive Elon Musk said he would form a new political party, escalating a feud with US President Donald Trump.