U.S. President Donald Trump has declared his intention to buy a “brand new Tesla” to show support for CEO Elon Musk, as the electric vehicle company faces stock declines and consumer backlash. In a Truth Social post on Tuesday morning, Trump blamed “Radical Left Lunatics” for what he described as an “illegal and collusive” boycott of Tesla.
“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.”
The boycott Trump referred to has gained traction following Musk’s close involvement in the federal government, particularly his leadership of the Department of Government Efficiency (DOGE), an initiative aimed at cutting federal spending and reducing government employment. Musk’s role in the administration has fueled criticism and led to protests at Tesla dealerships, vandalized vehicles, and falling sales in key markets like Europe.
Tesla’s stock and Musk’s fortune take a hit
Tesla shares have plunged 45% in 2025, including a 15% drop on Monday—its worst single-day loss since 2020. Musk’s net worth has reportedly declined by $132 billion over the past 12 months, with $29 billion lost in a single day due to Tesla’s declining valuation.
Despite the financial setbacks, billionaire investor Ron Baron, a longtime Tesla supporter, reaffirmed his confidence in the company, saying he would not sell any of his personal Tesla shares. “I was thinking we would make four times over the next 10 years. I think we’re going to make more than that now from these prices,” Baron said on CNBC.
Trump’s symbolic Tesla purchase
To demonstrate his support, Trump reportedly had several Tesla vehicles parked in the White House driveway on Tuesday to choose which model to purchase, accompanied by Musk and Musk’s young son. The president had previously received a Tesla Cybertruck as a gift from a podcaster in 2024.
Stock bounce and legal misconceptions
Following Trump’s statement, Tesla shares rose more than 2% on Tuesday, potentially buoyed by both his endorsement and an investor note from Morgan Stanley, advising clients to buy the stock after its steep decline.
Trump’s claim that the Tesla boycott is illegal is incorrect. The U.S. Supreme Court has ruled that consumer boycotts are protected under the First Amendment, making them a legal form of protest.
Public reaction to Musk’s government role
Musk acknowledged on Monday that his work in Washington has made running Tesla “very difficult” and admitted he is “giving up” many aspects of his businesses to focus on his government role. Polls indicate public sentiment on Musk’s involvement in government is mixed to unfavorable, with the majority of Democratic voters believing he has too much influence.
Tesla’s board members, including Musk’s brother Kimbal Musk, have reportedly sold millions of dollars in Tesla shares in recent months, raising further concerns about the company’s stability. Additionally, Tesla’s vehicle sales in Germany fell 76.3% in February 2025 compared to the previous year, underscoring the global impact of the backlash against Musk.
