US President Donald Trump said overnight he will buy a "brand new Tesla" in support of his top donor and close adviser, Tesla CEO Elon Musk, after share prices tanked amid recession fears and Musk's controversial actions in Washington.
"To Republicans, Conservatives, and all great Americans, Elon Musk is 'putting it on the line' in order to help our Nation, and he is doing a FANTASTIC JOB!," Trump posted on his Truth Social platform on Tuesday (AEDT).
Since returning to the White House in January, Trump has empowered Musk to slash federal government spending and headcounts as leader of the so-called Department of Government Efficiency (DOGE).
But DOGE's high-profile cost-cutting campaign has faced increasing backlash, including protests, court rulings and some pressure from lawmakers. The turmoil has also tarnished the Tesla brand, with sales plummeting in Europe, share prices tumbling and multiple reports of cars being vandalised.
'Before Elon went crazy'
Unhappy Tesla owners have even slapped bumper stickers on their vehicles claiming they had purchased them "before Elon went crazy."
"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," Trump's post said.
"I'm going to buy a brand new Tesla tomorrow morning as a show of confidence and support for Elon Musk, a truly great American.
Donald Trump posed beside a line of Tesla vehicles at the White House after posting on social media he would buy one as a "show of confidence and support" for billionaire ally Elon Musk. Source: AAP / Samuel Corum
Musk, the world's richest person, responded on his X platform, thanking the president.
While Musk enjoys Trump's confidence, polling shows the tech billionaire is deeply unpopular among ordinary Americans, and his cuts to government budgets have sparked angry confrontations between Republicans and their constituents at town halls.
Tesla share prices continued to fall following a brief rally Tuesday, after closing more than 15 per cent down on Monday, as uncertainty over Trump's import tariffs and threats have left US financial markets in turmoil.
Tesla has also seen its sales drop across Europe in recent weeks following during the country's recent election campaign.
Tesla has lost more than one-third of its market value since mid-December as Musk deepens his association with Trump.
