Trump Announces Tesla Purchase to Show Support for Elon Musk Amid Stock Plunge and Protests
President Donald Trump took to social media Tuesday to announce his plans to purchase a new Tesla as a “show of confidence and support” for Elon Musk, the CEO of Tesla and SpaceX.
Musk has recently emerged as a key figure in the Trump administration’s efforts to reduce government spending and streamline operations, unofficially leading the Department of Government Efficiency (DOGE). Trump’s statement comes as Tesla’s stock continues to struggle, closing more than 15% lower on Monday and marking a year-to-date decline of over 40%.
In a post on Truth Social early Tuesday morning, Trump praised Musk, calling him a “truly great American” who is “putting it on the line” to help the nation. “To Republicans, Conservatives, and all great Americans, Elon Musk is doing a FANTASTIC JOB!” Trump wrote.
The former president also accused “radical” Democrats of attempting to boycott Tesla in an effort to “attack and do harm to Elon, and everything he stands for.” Trump concluded his post by declaring, “In any event, I’m going to buy a brand new Tesla tomorrow morning as a show of confidence and support for Elon Musk. Why should he be punished for putting his tremendous skills to work in order to help MAKE AMERICA GREAT AGAIN???”
Protests and Plummeting Stock
Trump’s announcement comes amid growing backlash against Musk and Tesla. Protesters across the country have gathered at Tesla dealerships as part of a “Tesla Takedown” movement, criticizing Musk’s efforts to shrink the federal government, his conservative shift on social media platform X (formerly Twitter), and his influence on federal spending.
Cybertruck owners have also reported hostility on the roads, sharing stories of vulgar notes left on their vehicles and obscene gestures from other drivers. Online marketplaces like Etsy have even seen a surge in anti-Musk merchandise, with bumper stickers reading, “This Tesla does not endorse Elon Musk,” “Anti Elon Tesla Club,” and “I bought this before Elon went crazy.”
Meanwhile, Tesla’s stock is in freefall. Shares plummeted 15% on Monday, marking the company’s worst day on the market since September 2020, according to CNBC. The electric vehicle maker has now endured seven consecutive weeks of losses—its longest losing streak since going public on the Nasdaq in 2010.
As Tesla faces mounting challenges, Trump’s pledge to buy a Tesla adds a new layer of intrigue to the ongoing debate surrounding Musk’s influence and the future of the company.
