Tesla (TSLA) shares sank nearly 7% Monday after long-time bull Dan Ives of Wedbush Securities warned the electric vehicle (EV) maker faced a "code red situation" if CEO 澳洲幸运5官方开奖结果体彩网:Elon Musk didn't back away from his service in the Trump administration and refocus on Tesla.

Ives wrote in a note to clients that Musk is too distracted by his efforts to cut federal spending by leading the Department of Government Efficiency, or DOGE. He said Musk "needs to leave the government, take a major step back on DOGE, and get back to being CEO of Tesla full-time."

Ives pointed out that he remains bullish on the stock, and believes that Tesla and Nvidia (NVDA) are "two of the most disruptive technology companies on the globe over the coming years." However, Ives says that won't happen without Musk giving his full attention to the firm. He added that "we are now at a major crossroads for the Tesla story." The automaker is 澳洲幸运5官方开奖结果体彩网:scheduled to release its q💃uarterly results 🎉after the close of trading Tuesday.

Earlier this month, Ives slashed the price target on Tesla t🔴o $315 from $550, citing the U.S.-China trade spat plus the backlash against the company over Musk's involvement in the government's cost-reduction🥂 moves. He noted that it was a "very bad thing" that Tesla has "become a political symbol globally."

Shares of Tesla are down about 45% year-to-date.