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US President Donald Trump purchased a red Tesla Model X on Tuesday in a public display of support for Elon Musk’s electric vehicle company, which has been under fire due to Musk’s involvement in the administration’s Department of Government Efficiency (DOGE).
The purchase took place on the White House driveway, with Musk standing beside the president as he picked the car.
“Wow, that’s beautiful,” Trump said as he settled into the driver’s seat of the high-performance EV.
Musk, who sat in the passenger seat, joked about “giving the Secret Service a heart attack” as they discussed the car’s ability to accelerate from 0 to 95 kilometers per hour in just a few seconds.
However, Trump did not take the car for a test drive, citing security restrictions, and instead said he would leave it at the White House for his staff to use.
The president confirmed that he purchased the vehicle for its full price of approximately $80,000, rejecting any discounts to avoid criticism.
“Musk would give me a discount, but if I take one, people will say I got special benefits,” Trump explained.
“I saw what was happening and decided I wanted to buy a Tesla. Elon had four beautiful cars lined up, and I picked one right in front of the press. It was a very public purchase.”
Praising Musk as a “patriot,” Trump added,
He’s done a great job. I don’t even know if he’s a Republican or not, but he’s a great guy.
Tesla stock tumbles amid political backlash
Despite Trump’s endorsement, Tesla shares have been in freefall, dropping over 30% in the past month, largely due to growing criticism of Musk’s role in the Trump administration’s spending-cut initiatives.
Protests against Musk have intensified, with demonstrators gathering outside Tesla stores nationwide, holding signs that read “Elon must go away” and “Honk if Elon Musk should be fired.”
Some rallies have even turned violent.
On Monday, Tesla shares plunged 15%, though they managed a modest 5% recovery on Tuesday, clawing back a small fraction of their recent losses.
The EV giant remains under pressure amid mounting concerns over Musk’s political affiliations and the broader market sell-off.
With Trump publicly backing Tesla, will investor sentiment shift, or will the backlash against Musk continue to drag down the stock?
The coming weeks will reveal whether the president’s endorsement can help revive Tesla’s struggling market performance or if the controversy surrounding Musk will keep weighing on the EV giant.
The post Trump’s Tesla purchase: A political statement amid Musk controversy? appeared first on Invezz
