Donald Trump has sworn to buy a brand new Tesla in an exhibition of solidarity with Elon Musk, the chief executive of the electric car manufacturer, whose political influence and role in the US Department of Government Efficiency have led widespread protests.
The president has made his statement through his social social platform and Musk praised as a ‘really big American’ who ‘is at stake to help the country’.
Shares in Tesla took a dive of 15.4 percent on Monday against the background of a wider market sales, partly caused by concern that Trump’s confronting trade policy and federal staff reductions could push the US economy into a decline. The market capitalization of the automaker, which once reached a record high in December 2022, has now been more than halved.
Musk, who helped with the finance of Trump’s election campaign and subsequently took the lead on the new Ministry of Efficiency of the government, has seen his politics heavily on Tesla’s prospects. Protests broke out this month in the US, including external dealers in Portland, Oregon and New York City, while European buyers are reportedly shooting Tesla about the policy positions of Musk. The recoil has contributed to a remarkable decrease in turnover, including a fall of 76 percent on an annual basis in Germany and a slump of 49 percent in China, the world’s largest car market.
Despite the unrest, Musk expressed the president on his platform X, and thanked him for public support. The billionaire entrepreneur remains determined that reforms in government structures and cost-saving measures will ultimately benefit both his companies and the American public, even because some investors are concerned that his political obligations distract him from the challenges with which Tesla’s core activities are confronted.