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Trump defends Elon Musk after Tesla meltdown on Wall Street: ‘I will buy one tomorrow to support him’
The US president publicly announces his support for his billionaire friend, pointing the finger at ‘left-wing extremists’ who would boycott Tesla. Meanwhile, the automaker’s stock plunges 15% on Wall Street
In response to Tesla’s collapse on Wall Street, which saw the company lose 15% on a day of intense turbulence, Donald Trump was quick to reiterate his support for his friend and super-advisor Elon Musk. In a post published on Truth Social in the night, the US president stated that he will buy a new Tesla car today, openly declaring: ‘Elon Musk is risking everything to help our nation and doing an amazing job. Tomorrow morning I’m going to buy a Tesla to show the trust and support I have for Elon, a truly great American’. Trump’s gesture is a clear sign of closeness at a difficult time for the carmaker, which has seen its stock plummet under the weight of stock market volatility, exacerbated by uncertainties related to the new trade war launched by Trump himself and the shadow of a possible shutdown.
At a time of great instability for the markets, where trade tensions between the United States and various nations, triggered by Trump’s latest decisions, have already contributed to destabilising Wall Street, the president’s comment came to calm the waters for Musk, who was publicly thanked by the Tesla founder himself on X (formerly Twitter).
In his post, Trump also pointed the finger at left-wing activists, who he said were behind ‘illegal collusion’ to boycott Tesla. The president explicitly accused George Soros and other activists, claiming that ‘left-wing extremists are plotting to harm Tesla and everything it stands for. Elon Musk is paying the price for putting his extraordinary skills at the service of America’.
Tesla’s dramatic day on the stock market saw the stock wipe out the gains it had accumulated since Trump’s election victory, when the market had reacted positively to his promise of tax cuts and deregulation in favour of big tech companies and the automotive industry. However, trade tensions and protests in Europe against Musk led to a drastic drop in Tesla’s sales, further complicating the picture.
According to analysts, the situation could worsen in the coming days, especially if Trump fails to allay fears of an imminent recession, which he has been dreading in his recent statements. Market volatility and growing uncertainties over international trade relations could continue to put pressure on Tesla, which is also facing increasing competition in the electric vehicle market.
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