Donald Trump Defends Elon Musk Amid Tesla’s Stock Slump
Former U.S. President Donald Trump on Tuesday voiced strong support for Tesla CEO Elon Musk, denouncing what he described as an “illegal and collusive” boycott against the electric vehicle giant. The statement comes as Tesla’s stock continues its sharp decline, raising concerns among investors and industry experts.
Trump, in a post on his Truth Social platform, praised Musk for his contributions to the country, emphasizing his admiration for the billionaire entrepreneu
“They tried to do it to me at the 2024 Presidential Ballot Box, but how did that work out?” Trump wrote, referring to his ongoing legal and political battles. “In any event, 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. Why should he be punished for putting his tremendous skills to work in order to help MAKE AMERICA GREAT AGAIN???”
Tesla’s Stock in Freefall
Tesla’s stock suffered a 15% drop on Monday, continuing a downward spiral that has seen the automaker lose 41.43% of its market value in 2025. The decline has been fueled by slowing sales, intensifying competition, and mounting criticism of Musk’s political affiliations.
The company’s market capitalization has plummeted more than 50% since reaching an all-time high of $1.5 trillion in December. The losses have been compounded by a decline in global vehicle sales, particularly in key markets like Germany and China.
In Germany, Tesla vehicle registrations fell 70% in the first two months of 2025, largely due to backlash over Musk’s involvement in the nation’s federal election. Meanwhile, in China, Tesla’s Shanghai factory saw a 49% drop in shipments in February, marking its weakest performance since July 2022.
Political & Social Backlash
Musk’s leadership role in the Trump administration’s Department of Government Efficiency (DOGE) has further fueled criticism, with many accusing him of aligning too closely with right-wing politics. The public response has been visible in protests across the U.S., including 350 demonstrators who gathered outside a Tesla dealership in Portland, Oregon, last week. Earlier in March, another nine people were arrested in New York City during a separate protest targeting Tesla.
Musk’s Response to Market Concerns
Despite the sharp downturn, Musk remains optimistic. In a post on X (formerly Twitter), he assured investors that Tesla’s long-term outlook remains strong.
“It will be fine long-term,” Musk wrote, aiming to reassure shareholders amid the market turbulence.
What’s Next for Tesla?
With Trump’s endorsement and Musk’s unwavering confidence, Tesla’s future remains a subject of intense debate. As the company battles economic headwinds, political scrutiny, and shifting consumer sentiment, its trajectory in 2025 will be closely watched by both Wall Street and the global automotive industry.