Shares in Tesla tanked by as much as 7.6% in pre-market trade Monday after its CEO Elon Musk said he is forming a new American political party, provoking an irate response from US President Donald Trump.

But then, the news that investors had been hoping for; Musk announced he would be stepping away from government to focus on his businesses. Tesla stock recovered to as high as $356, although the ride remains uncomfortable. Musk also began raising capital for his artificial intelligence business xAI Corp., said to have a $5 billion target.