After one of the worst single day sell-offs in Tesla’s history, President Donald Trump threw his support behind his adviser, billionaire Elon Musk, vowing to buy one of his cars on March 11.
Tesla has been pummeled this year under competition from rival electric vehicles, particularly out of China, as well as his close association with Trump and with far right causes globally.
Shares have plummeted 45% in 2025 and on March 10 tumbled more than 15% to $222.15, the lowest since late October, reflecting newfound pessimism as sales crater around the globe.
In an overnight post on his Truth Social platform, Trump said Musk is “putting it on the line” to help the country. Trump claimed in the post that “Radical Left Lunatics” were attempting to “illegally and collusively boycott Tesla, one of the World’s great automakers, and Elon’s ‘baby.
The stock climbed more than 3% before the market open on March 11.
Numerous auto industry analysts have attributed Tesla’s recent sagging stock — and auto sales — to Musk’s support of Trump and other far right candidates around the world. In recent days, Tesla showrooms in the U.S. have been besieged by protesters, its vehicles vandalized on the street. Tesla owners, perhaps in a bid to avoid being targeted, have placed bumper stickers on their cars with messages like, “I bought it before Elon went nuts.”
Federal prosecutors charged a woman in connection with a string of vandalism against a Colorado Tesla dealership, which included Molotov cocktails being thrown at vehicles and the words “Nazi cars” spray painted on the building.
Musk pumped $270 million into Trump’s campaign heading into the 2024 election, appeared on stage with him and cheered Trump’s victory over Democratic candidate Kamala Harris in November. Tesla stock soared to $479 per share by mid-December, but have since lost 45% of their value.
Musk has become the face of the Trump administration’s slash-and-burn government downsizing efforts, known as the Department of Government Efficiency, or DOGE. The department has promised massive federal worker layoffs and aims to drastically reduce government spending.
Analysts have said Musk’s shift to right-wing politics doesn’t appear to sit well with potential Tesla buyers, generally perceived to be wealthy and progressive consumers.
