Trump Endorses Musk Amid Tesla Backlash
Analysis based on 6 articles · First reported Mar 11, 2025 · Last updated Mar 11, 2025
The market is impacted by the political involvement of Elon Musk and Donald Trump, leading to significant volatility for Tesla, Inc. shares and contributing to a broader decline in the Nasdaq-100. Uncertainty over Trump's import tariffs further exacerbates market turmoil.
US President Donald Trump announced his intention to buy a new Tesla, Inc. car to show support for Elon Musk, who is also his top campaign donor and advisor. Trump praised Musk's efforts to 'MAKE AMERICA GREAT AGAIN' and condemned 'Radical Left Lunatics' for allegedly boycotting Tesla, Inc. and attacking Musk. This announcement comes amidst increasing resistance to Musk's cost-cutting campaign as head of the Department of Government Efficiency (DOGE), including protests, court rulings, and pressure from lawmakers. Tesla, Inc. investors fear boycotts and buyer backlash due to Musk's political actions and close ties to Trump. Tesla, Inc. shares closed down more than 15 percent on Monday, and the Nasdaq-100 index also tanked. There have been reports of peaceful protests and vandalism at Tesla, Inc. locations across the United States, and the company has reported its first drop in annual sales. Additionally, Elon Musk's social media platform X (social network) was hit by a major cyberattack.
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