President Donald Trump pledged to purchase a Tesla vehicle in a show of support for Elon Musk, blaming boycotts by the "radical left" for the company's plummeting stock prices.
On Monday night, Trump took to his Truth Social platform to defend Musk, claiming that Tesla was being "illegally and collusively" targeted by political opponents. In an effort to rally support, Trump urged conservatives to buy Teslas and announced he would purchase one himself.
"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. Why should he be punished for putting his tremendous skills to work in order to help MAKE AMERICA GREAT AGAIN???" Trump wrote.
Tesla has faced increasing backlash following Musk's involvement in the Trump administration's Department of Government Efficiency (DOGE), which has overseen mass federal job cuts.
Boycotts against Tesla have gained traction, with protests outside dealerships and declining sales in key markets like China and Europe. Meanwhile, Tesla's stock dropped over 15% as investors worried about production targets, slowing demand and the impact of Trump's tariffs on electric vehicle manufacturers, the BBC reported.
The president's statement briefly boosted Tesla's stock by 5% in premarket trading. However, analysts argue that the company's stock decline stems more from financial concerns than political boycotts, pointing to falling demand in global markets and increased competition from Chinese automakers.
Despite Trump's endorsement, Tesla continues to face economic headwinds, with European sales down 45% in January. There have also been concerns about Musk's divided focus between Tesla, SpaceX and his government role.
Legal experts also dismissed Trump's claim that the boycott is illegal, citing Supreme Court rulings protecting consumer boycotts as free speech.
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