Trump pledges to buy ‘brand new Tesla’ in support of Musk
Tesla shares and sales have suffered amid protests and calls for a boycott over Mr Musk’s close ties with Mr Trump and far right causes.
US President Donald Trump has vowed to buy a “brand new Tesla” in a show of support for his adviser, tech billionaire Elon Musk, after one of the worst one-day share price falls in the carmaker’s history.
Tesla – owned by Mr Musk – has seen its shares plunge since the start of the year, plummeting by more than another 15% on Monday to its lowest level since the end of October as sales of the electric car firm comes under pressure from Chinese rivals.
The car giant has also suffered amid protests and calls for a boycott over Mr Musk’s close ties with Mr Trump and far-right causes.
In a post on his Truth Social platform, Mr Trump said he would buy one of Mr Musk’s cars, adding that Mr Musk was “putting it on the line” to help America.
Mr Trump claimed in the post that “Radical Left Lunatics” were attempting to “illegally and collusively boycott Tesla, one of the World’s great automakers, and Elon’s baby”.
He added: “They tried to do it to me at the 2024 Presidential Ballot Box, but how did that work out? In any event, 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???”
Tesla shares edged up around 1% soon after US markets opened on Wall Street on Tuesday.
But the group has seen its share price slump 45% since the start of 2025, with a number of industry experts putting some of the sales and stock market woes down to Mr Musk’s support of Mr Trump.
Tesla showrooms in the US have been besieged by protesters in recent days, with its vehicles vandalised on the street.
It marks a reversal of fortunes after Tesla’s shares were sent soaring following Mr Trump’s election victory, which saw the stock surge to 479 US dollars (£370) at one stage, given Mr Musk’s support for the President’s election campaign.
Mr Musk has since been appointed to lead the Department of Government Efficiency (DOGE), spearheading downsizing efforts.
Sales at Tesla have meanwhile been falling sharply, dropping for the fist time on an annual basis in 2024, with sales across Europe said to be down 45% in January, according to research firm Jato Dynamics.
The latest car sales figures from China suggest that Tesla sales there have nearly halved since February last year, although the decline is largely due increased competition from Chinese electric vehicle firms.
