Trump Pledges to Buy ‘Brand New Tesla’ Amid Stock Slump
Former U.S. President Donald Trump has declared his intention to buy a “brand new Tesla“ after shares of the electric car company plummeted more than 15%.
Blaming the decline on “radical left lunatics” attempting to harm Tesla owner Elon Musk, Trump claimed that a coordinated boycott was responsible for the slump.
However, market analysts suggest a different cause, pointing to concerns over Tesla’s production targets and declining sales over the past year as the primary factors behind the stock drop.
Economic Concerns and Market Reactions
Analysts also noted that Trump’s own tariff policies have been unsettling investors, contributing to the broader market sell-off. On Monday, both U.S. and Asian stock markets took a hit as investors reacted to potential economic instability tied to Trump’s tariffs.
Adding to the uncertainty, Trump hinted at a possible U.S. recession, describing the economy as being in a “period of transition” during a TV interview.
The tech sector was particularly affected, with Tesla’s stock plunging 15.4%. Other major tech firms, including AI chipmaker Nvidia, Facebook-owner Meta, Amazon, and Google-parent Alphabet, also saw significant losses.
Trump’s Support for Musk Despite Policy Conflicts
On Tuesday, Trump took to his Truth Social platform to rally support for Musk, urging “Republicans, Conservatives, and all great Americans” to buy Teslas.
Despite his vocal backing of Musk, Trump’s policies have largely undermined the electric vehicle industry. His administration revoked a 2021 Biden-era order aiming for 50% of all car sales to be electric by 2030 and halted government funds allocated for charging infrastructure.
Still, Trump praised Musk, calling him a “truly great American” and insisting that Tesla was facing an “illegal and collusive boycott” orchestrated by political opponents.
“I’m going to buy a brand new Tesla tomorrow morning as a show of confidence and support for Elon Musk,” Trump stated.
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