In a dramatic show of support for Elon Musk, U.S. President Donald Trump made waves by announcing his personal purchase of a Tesla—right from the White House driveway. With five sleek Tesla models lined up on the South Lawn, Trump ultimately chose a striking red Model S, declaring his admiration for Musk and his efforts to expose government waste.
“Our country is going to be very strong, very smooth, because of a lot of the things that he’s done,” Trump said, hailing Musk as a “patriot” unfairly targeted for his aggressive cost-cutting initiatives. The purchase comes at a crucial moment for Tesla, whose shares nosedived 15% on Monday, marking their worst trading day in four years amid plummeting sales estimates and political backlash against its CEO.
Trump’s endorsement of Musk comes as the billionaire’s fortune takes a staggering hit—over $130 billion erased from his net worth since January, according to the Bloomberg Billionaires Index. Meanwhile, Tesla is struggling to maintain its global dominance, particularly in China, where domestic automaker BYD is rapidly outpacing the U.S. giant. Shipments from Tesla’s Shanghai factory plummeted 49% in February, raising alarms among investors and analysts alike.
Wall Street analysts had already been lowering Tesla’s price targets, but Trump’s high-profile Tesla purchase may have triggered a brief market rebound, with shares recovering 5% on Tuesday. However, concerns remain over Musk’s increasing entanglement in politics. His controversial endorsements, including a nod to Germany’s far-right Alternative for Germany party, have led to a significant drop in Tesla registrations across Europe.
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Despite mounting criticism, Trump doubled down on his support, dismissing concerns over Musk’s political involvement. “He has never asked me for a thing, and he’s built this great company. He should not be penalized because he’s a patriot,” Trump stated. He also vowed to take action against escalating tensions at Tesla dealerships, promising swift justice against those causing disruptions.
Tesla’s stock freefall has now erased the massive $700 billion surge it enjoyed after Trump’s election victory in November. With sales declining globally and Musk juggling his business empire with political aspirations, investors are growing increasingly wary. When asked how he manages it all, Musk gave a telling response: “With great difficulty.”
As Tesla fights to regain its footing, Trump’s endorsement adds yet another twist to the ongoing saga of the world’s most polarizing automaker and its equally controversial CEO.
