Featured Image Credit: Andrew Harnik/Getty
Topics: Politics, Business, Technology, Elon Musk, Donald Trump, Tesla, Electric Cars, US News
Liv Bridge
Topics: Politics, Business, Technology, Elon Musk, Donald Trump, Tesla, Electric Cars, US News
Tesla's value has increased by a shocking amount in an apparent bounce back influenced by the President.
Donald Trump has come out to support his so-called 'First Buddy,' Elon Musk, as the Department of Government Efficiency (DOGE) head has endured some intense backlash from critics in recent weeks.
In response to the Tesla boss' ruthless cost-cutting spree in the federal government and on overseas humanitarian projects, political activists have taken to organizing so-called 'Tesla takedown protests.'
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While most demonstrations have been peaceful, some have escalated with fires breaking out at Tesla showrooms and charging stations across the nation, from Colorado and Massachusetts to New York.
As well as threatening vandals with 'domestic terrorism' charges, Trump decided to become the proud owner of a Republican red Tesla Model S, valued around $90,000, in an apparent nod of support to his close pal.
The POTUS' new purchase came as Tesla models sprawled around the White House on display and at a time when the company has been suffering a rocky road in the stock market.
The electric carmaker lost half its value and its share price tanked to record lows earlier this week.
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That is until Trump was seen behind the wheel - even just as a PR stunt seen as the President can't actually drive it.
Tesla's market capitalization soared by $56.3 billion on Wednesday (March 12), according to CompaniesMarketCap, reaching a total of $780 billion, reports Newsweek, and made it the second largest gain made that day.
The result of which has seen the company's share price rise by 7.6 percent in just 24 hours since the US President lent his support to the carmaker.
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The 78-year-old indicated his plan to buy a 'brand new Tesla' in a post on his platform, Truth Social, on March 11 in a move he said would be a 'show of confidence and support' for the tech billionaire.
Trump accused the 'Radical Left' of boycotting Tesla to 'attack and do harm to Elon' amid the company's stock plummeting, adding: "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???"
The POTUS stuck to his promise, even after learning a Secret Service rule means he won't be able to drive it anytime soon for his own safety, instead gifting it to White House staff to use.
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Still, some critics have questioned whether a sitting president should be able to publicly endorse an organization that is led by a political ally, especially if it could result in financial advantages.
Trump also said he has 'stuck up for' many other American companies, like the NFL.
"I do favors for all of them," he continued, stating the companies get their support for providing 'so many jobs that others are unable to do.'