US president Donald Trump continues his campaign to bolster the world’s richest man Elon Musk, as Tesla sales plummet, and markets around the world react to the threat of a recession and Trump’s tariff plans.
On Monday Tesla shares (which had already declined 45 percent in 2025) suffered its single worst day sell-off, falling more than 15 percent to $222.15 before recovering and now trading at $244.88 as of Wednesday afternoon.
Tesla’s troubles comes amid Elon Musk’s political rhetoric that has triggered protests at Tesla stores and service centres.
As Elon Musk faces a mounting crisis at Tesla, Donald Trump posted on Tuesday on Truth Social “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.”
Trump slammed the “Radical Left Lunatics” for “trying to illegally and collusively boycott Tesla, one of the World’s great automakers”.
Some observers argue that the average Tesla buyer is not typically found among Donald Trump’s support base (demographically speaking), as Tesla EV buyers tend to be more progressive leaning with concerns about the environment and burning of fossil fuels.
Elon Musk and Tesla thus appears to be facing something of backlash from customers – some of whom have reportedly sold their Tesla or halted a purchase of a Tesla EV, amid ongoing protests at Tesla dealerships, as well as vandalised Tesla vehicles, charging stations, and dealerships.
The group TeslaTakedown meanwhile continues to organise the anti-Tesla protests nationwide, and reportedly said people also have the right to protest peacefully on the sidewalks and streets around the company’s showrooms.
Elon Musk on Tuesday turned the driveway of the White House into a Tesla showroom and stood with his young son whilst Donald Trump walked around five Tesla models.
Trump in the end selected a red Model S costing $80,000 as his purchase, which he said he would pay for by cheque and not bank transfer.
Trump noted that he was not allowed to drive the Tesla, but instead would assign it as pool car for his associates to use.
Trump already has a Tesla Cybertruck that was gifted to him back in August 2024.
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