Elon Musk addresses the audience in the Oval Office of the White House in Washington, D.C., on February 11, 2025, while one of his young sons and President Donald Trump listen attentively.
Kevin Lamarque | Reuters
On Tuesday, President Donald Trump expressed his intention to acquire a Tesla as a gesture of support for Elon Musk, whose company is currently facing challenges with sales and stock prices due to Musk’s engagement in global politics, particularly in his role leading Trump’s Department of Government Efficiency.
In an early Tuesday morning post on Truth Social, Trump declared, “I’m going to purchase a brand new Tesla tomorrow morning to show my confidence and support for Elon Musk, a truly great American.”
Trump criticized what he described as “radical left lunatics” who are “illegally and collusively” boycotting Tesla, asserting that this action was a direct attack on Musk and his values.
The backlash against Musk, stemming from his support for Trump during the lead-up to last year’s presidential election and his subsequent involvement in governmental efficiency efforts, has had repercussions for Tesla’s reputation. Analysts noted that this shift has significantly impacted the automaker’s stock, which suffered its worst decline since 2020 on Monday, down 45% in 2025.
Musk acknowledged the difficulties he faces in managing his businesses during a Monday interview, stating he is operating “with great difficulty” due to his prominent position within the administration. He remarked to Fox Business that as the head of DOGE, “you sacrifice your other endeavors.”
Protesters gather outside a Tesla dealership in Lisbon, opposing Elon Musk, CEO of Tesla and SpaceX, on March 9, 2025.
Patricia De Melo Moreira | Afp | Getty Images
Incidents of vandalism against Tesla cars and dealerships, along with increasing protests, have underscored a rising tide of opposition against Musk. A drop in sales in Europe has raised concerns that Musk’s visibility as a political figure is adversely affecting the brand’s reputation.
Baird analyst Ben Kallo stated on Monday’s CNBC “Squawk on the Street,” “When people’s cars are at risk of being keyed or set on fire, even those who support Musk or are indifferent may hesitate to purchase a Tesla.”
In his post, Trump commended Musk for doing a “fantastic job” and for “putting it all on the line” to assist the United States, following a New York Times report that highlighted criticisms of Musk’s government efficiency initiatives from some Cabinet members.
Tesla’s stock saw a more than 2% increase in premarket trading on Tuesday. Alongside Trump’s endorsement, a note from Morgan Stanley encouraging clients to buy shares after the significant drop may have contributed to this uptrend.
Tesla, 1-day
