Trump Backs Musk, Promises to Buy New Tesla Car

Image Credit: Reuters

On Tuesday, U.S. President Donald Trump announced that he plans to purchase a new Tesla (TSLA) car to show his support for Elon Musk, the electric carmaker's CEO and his ally. This move comes amid protests against Tesla, known as the "Tesla Takedown," and a significant decline in the company’s stock price.

Musk’s involvement in drastic federal workforce cuts, at Trump’s request, has sparked protests across the U.S. Recently, around 350 demonstrators gathered outside a Tesla dealership in Portland, Oregon, while another protest outside a New York City Tesla location led to the arrest of nine individuals earlier in March.

Musk, who is leading the Trump administration's "Department of Government Efficiency" (DOGE), has faced criticism for his political ties. However, Trump defended Musk in a post on his Truth Social platform, praising him for his efforts in helping the country and stating that he was doing an "amazing" job.

Trump expressed his support by stating, "I'm going to buy a brand new Tesla tomorrow morning as a show of confidence and support for Elon Musk, a truly great American." Musk thanked the president for the endorsement on his social media platform X.

Tesla's market value has dropped significantly, falling more than 50% from its peak of $1.5 trillion in December 2021, mainly due to a combination of declining vehicle sales, protests over Musk’s political activities, and concerns from investors that his political engagement is distracting him from running the company effectively.

Paraphrasing text from "Reuters" all rights reserved by the original author