US President Donald Trump has announced plans to buy a Tesla vehicle in a public show of support for Elon Musk, following a sharp decline in the electric carmaker’s stock.
His statement comes after Tesla shares dropped 15% on Monday, marking their worst single-day performance in four years.
Posting on his Truth Social platform just after midnight, Trump criticized what he called an “illegal and collusive” boycott of Tesla, attributing the backlash to “radical left lunatics.” He pledged to purchase a “brand new Tesla” the following morning as a sign of confidence in Musk, whom he described as “a truly great American.”
Tesla’s stock decline is part of a broader sell-off in technology shares, with analysts pointing to concerns over high growth expectations and investor uncertainty surrounding Trump’s economic policies. The Nasdaq Composite fell 4%, and the S&P 500 dropped 2.7%, contributing to a turbulent trading day.
Beyond financial concerns, Tesla has faced mounting protests across the US, with demonstrators opposing Musk’s involvement in sweeping government workforce reductions as head of Trump’s Department of Government Efficiency (DOGE). Protests at Tesla showrooms have led to multiple arrests, and some demonstrators have accused Musk of aligning with far-right political movements abroad.
In response to Trump’s post, Musk replied on X with a simple:
“Thank you, President @realDonaldTrump!”
Musk’s increasing political involvement has drawn mixed reactions from Tesla’s customer base, traditionally made up of environmentally-conscious buyers. Some consumers have expressed frustration with his alignment with conservative policies, and sales in key markets such as Germany and China have declined.
With input from Bloomberg, Reuters, the Financial Times, and Independent.
