President Donald Trump just lately praised Tesla TSLA CEO Elon Musk and introduced his intention to purchase a Tesla automobile, amid the EV maker’s declining market cap.
What Occurred: On Tuesday, Trump took to Reality Social to specific his assist for Musk and Tesla. He accused the “Radical Left Lunatics” of trying to boycott Tesla and hurt Musk.
Trump in contrast this to his personal experiences within the 2024 Presidential election. He additionally introduced his plan to buy a brand new Tesla automobile as a present of confidence and assist for Musk. The President says it’s unfair to focus on Musk, who helps to “Make America Nice Once more.”
In response, Musk expressed gratitude and thanked Trump on his platform X. In one other publish, he additionally shared a 2024 video of Trump studying to drive a Cybertruck.
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Why It Issues: Trump’s assertion comes at a time when Tesla’s inventory has been underneath vital stress. The corporate has been dealing with elevated competitors from Chinese language electrical automobile producers, declining demand in Europe, and protests at Tesla services.
Tesla’s shares have been on a downward spiral, experiencing their worst day in 5 years over the past session after seven consecutive weeks of declines. When requested on Fox Enterprise, Musk responded that alongside his duties on the White Home, he’s managing enterprise with “nice problem.” However, he expects to proceed his DOGE duties for one more yr and hopes issues will even out in the long run.
Notably, whereas different U.S. automakers are combating tariff considerations, Tesla stays unaffected because it manufactures all its vehicles in California and Texas.
Tesla inventory tumbled over 15% on Monday to shut at $222.15, as per Benzinga Professional. The corporate has misplaced as much as $800 billion in market cap as its inventory has fallen over 53% since its Dec. 17 peak.
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