Tesla stock lost nearly 7% Monday after Elon Musk announced plans of launching the “America Party.” William Blair downgraded TSLA shares.

In the aftermath of TeslaTSLA falling sharply in Monday's stock market action, with the EV giant leading the downside among S&P 500 stocks, a longtime Tesla stock bull called on Tuesday for the Tesla board of directors to "act now" as CEO Elon Musk appears to be continuing to focus on politics.

Tesla stock is already down more than 35% from its December highs, making it the worst performer among the “Magnificent Seven” tech giants this year. And with margins under pressure, competition heating up and demand softening, the last thing investors wanted was more distraction at the top.