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.

Elon Musk's announcement of a new political party triggered a nearly 7% drop in Tesla's stock, as investors grew increasingly concerned about his political involvement and the company's broader business challenges.