U.S. President-elect Donald Trump walks with Elon Musk before attending a viewing of the launch of the sixth test flight of the SpaceX Starship rocket, in Brownsville, Texas, U.S., November 19, 2024.
Brandon Bell | Via Reuters
President Donald Trump shared his intent to purchase a Tesla on Tuesday to support Elon Musk as the electric vehicle maker’s sales and share price face pressure from the CEO’s foray into global politics, most notably as head of Trump’s cost-cutting Department of Government Efficiency.
“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 wrote in a post published early Tuesday morning on Truth Social.
Trump said “radical left lunatics” are “illegally and collusively” boycotting Tesla, which the president described as one of the best automakers in the world. This action, Trump said, was meant as an attack on Musk and what he stands for.
It is not illegal for consumers to boycott companies. The Supreme Court in 1982 ruled the First Amendment protects Americans’ rights to protest private businesses.
Musk’s support of Trump in the run-up to last year’s presidential election and subsequent leadership in his government efficiency initiative has sparked backlash. Analysts have cited this reputational shift as a driver of trouble for the automaker’s stock, which posted its worst day since 2020 on Monday and is down 45% in 2025.
Musk acknowledged the hit to his businesses in an interview Monday, saying he was running them “with great difficulty” because of his high-profile role with this administration. He told Fox Business that as head of DOGE, “you’re giving up your other stuff.”
People gather in a protest outside a Tesla dealership in Lisbon against Tesla and SpaceX CEO Elon Musk on March 9, 2025.
Patricia De Melo Moreira | Afp | Getty Images
Reports of vandalized Tesla vehicles and dealerships, as well as protests, offered evidence of mounting opposition to Musk hitting a boiling point. A drop in European sales raised alarm that Musk’s presence as a political figure across the world was hampering the brand image.
“When people’s cars are in jeopardy of being keyed or set on fire out there, even people who support Musk or are indifferent Musk might think twice about buying a Tesla,” Baird analyst Ben Kallo said Monday on CNBC’s “Squawk on the Street.”
Trump said in his post that Musk is doing a “fantastic job” and “putting it on the line” to help the U.S. His comments follow a New York Times report last week that unveiled criticisms from Cabinet members of Musk’s government efficiency initiatives.
Tesla shares swung into the red in Tuesday morning trading after climbing in the premarket. In addition to Trump’s promotion of Tesla, the stock may have also been helped before the bell by a note to clients from Morgan Stanley advising them to pick up shares after the steep decline.
Tesla, 1-day
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