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President Donald Trump says he will support Elon Musk’s “baby” by buying a new Tesla (TSLA+4.48%) as the automaker faces protests and sees its stock sink, partially due to their “bromance.”
Shortly after midnight on Tuesday, the president posted on his social media network Truth Social touting Musk’s support and emphasizing that Republicans should support the billionaire and richest person in the world. He then attacked the “radical left lunatics” who have been boycotting Tesla over their relationship.
“[They] 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,” Trump wrote on Truth Social. Later that morning, Musk replied on his own social media platform X thanking the president.
Protests have been organized at Tesla showrooms and facilities across the country since Trump was inaugurated in January. Some have been peaceful demonstrations, such as a 300-person rally held at a Tesla dealership in Boston, although there have been several violent incidents.
More than a dozen violent or destructive acts have been directed at the company’s facilities since the inauguration, according to The Washington Post, including one instance where an individual planted a Molotov cocktail near a vehicle. There have been several reports of individual vehicles or Superchargers being vandalized.
In France, a dozen Teslas were set on fire near the city of Toulouse, France24 reported. And in Berlin, fires broke out at a construction site for the expansion of a Tesla factory.
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The ire for Musk comes from his role leading the Department of Government Efficiency, which pushes federal agencies to issue mass layoffs, although the Trump administration disputes the nature of his role in court. The Tesla CEO has also weighed in on British and German politics, repeatedly expressed antagonism for Ukraine’s leadership, and met with various right-wing politicians.
In solidly-blue California, traditionally Tesla’s biggest domestic market, new vehicle registrations fell 11.6% last year, according to the California New Car Dealers Association. Overseas, the company saw poor sales across Europe in January and February, while Chinese shipments fell 49% last month. Part of that decline is also tied to customers waiting for the refreshed Model Y SUV to be available.
Musk’s political activities have cost Tesla about $15 billion in brand value, Brand Finance told CNBC in January.
Tesla’s stock has also declined, wiping out all of the gains it made as part of a Trump-fueled post-election boom that saw it reach a new all-time high of $488 per share. The stock was trading at $228 per share pre-market trading Tuesday after rising by more than 2%, as investors see a potential sales boost from Trump’s endorsement. The stock fell 15% on Monday as part of a broad market sell-off.
“Trump’s endorsement could get millions of Republican supporters proud of Elon’s work on DOGE to follow Trump’s lead,” The Future Fund Managing Partner Gary Black, who supported Trump, wrote on X.