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US President Donald Trump is stepping up to defend Elon Musk and Tesla, as the company faces massive public backlash, organized boycotts, and severe losses in the stock market.
Early Tuesday morning, March 11, Trump took to his platform Truth Social to declare his for Musk and criticize what he called "illegal" attempts to sabotage the electric vehicle giant.
"To Republicans, Conservatives, and all great Americans, Elon Musk is 'putting it on the line' in order to help our Nation, and he is doing a FANTASTIC JOB!" Trump wrote.
"But the Radical Left Lunatics, as they often do, are trying to illegally and collusively boycott Tesla, one of the World's great automakers, and Elon's 'baby,' in order to attack and do harm to Elon, and everything he stands for."
Trump didn't stop there, adding that he plans to purchase a brand new Tesla to show his confidence in Musk.
"I'm going to buy a brand new Tesla tomorrow morning as a show of confidence and for Elon Musk, a truly great American," Trump went on. "Why should he be punished for putting his tremendous skills to work in order to help MAKE AMERICA GREAT AGAIN???"
Tesla Faces Market Turmoil
Shortly after Trump's post, Musk responded directly on X (formerly Twitter), writing, "Thank you, President @realDonaldTrump!"-a public acknowledgment that reflects their growing alliance.
However, despite Trump's show of solidarity, Tesla's troubles run deep. On Monday, March 10, CNBC reported that Tesla's stock experienced its sharpest decline in nearly five years, plunging 15.4% in a single day.
This marks the company's largest one-day percentage drop since 2020, capping off weeks of steady decline since Musk took on a formal role as head of the Department of Government Efficiency (DOGE) under Trump's istration.
Fox Business also reported that Tesla's stock has fallen more than 36% in just the past month. From its peak market cap of $1.5 trillion in December, Tesla is now valued at $696 billion. Despite this, Musk remains optimistic, stating on X: "It will be fine long-term."
Additionally, Musk thanked Tesla ers amid escalating protests and vandalism targeting Tesla stores and Cybertrucks. "Heartfelt thanks to everyone ing @Tesla, despite many attacks against our stores and offices," Musk shared in a post showcasing a customer taking delivery of a Cybertruck.
Political Ties and Future of Tesla
Tesla's troubles are not just financial. Protests and vandalism have erupted at Tesla locations in states like Colorado and Massachusetts, fueled by Musk's increasingly polarizing political presence and his appointment by Trump to head the government's cost-cutting DOGE task force.
Musk now works out of the Eisenhower Executive Office Building, a key part of the White House complex, further entangling his business interests with politics.
Though Trump hasn't specified which Tesla model he intends to buy, his vocal is clearly aimed at rallying his political base behind Musk.
Yet, many wonder if such endorsements will be enough to halt Tesla's slide in the market and counter growing public backlash.
As Musk and Tesla brace for more turbulent months ahead, Trump's dramatic intervention adds another layer to an already complex story-one where politics, business, and public opinion collide.