Shares of Elon Musk‘s electric vehicle maker, Tesla, have fallen for seven straight weeks, the longest losing streak since the company floated on the stock market 15 years ago.
On Monday, Tesla’s share price plunged by at least 15% to $222. Since the price peaked at $479.86 on 17 December, wiping more than $800bn from its stock market value.
Trump promise
So what is ‘the Donald’ going to do to help his new pal?
Well, in a post on his own Truth Social platform, Trump defended Musk, claiming he was doing a “fantastic” job and was “putting it on the line” for the US.
Trump added: “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.”
The president also claimed that “radical left lunatics” were “illegally and collusively” boycotting Tesla, however, it is not illegal for customers to boycott a company.
In a post on his social media platform, X/Twitter, Musk posted a screenshot of Trump’s post and wrote, “Thank you, President Donald Trump.”
This was a wild post in support of Trump’s pledge…
“There should be a cyber truck, limited MAGA edition. Instead of gunmetal, it should be wrapped in the American flag. It should have improved off road capacities (like the Ford Raptor but better), and it should have a hideaway handgun storage safe for those that want to exercise their constitutional right to bear arms. When it turns on, the screen should say: “MAGA: Fueled by liberal tears since 2016.” That sh*t would sell out.”
Speaking of Trump’s Truth Social platform, Trump Media, the company behind Truth Social saw shares sink more than 11% on Monday.
The company ended the brutal trading day at $19.92 per share — down 50% from its closing price on Jan. 20, the day Trump was sworn in.
Tesla owners
Also, since Musk began backing Trump, there has been a rise in the amount of Cybertruck vandalism in the US and beyond.
Indeed, some Tesla owners are rebranding their own vehicles to help prevent them from being damaged.
Related: Billionaire ‘bros’ at Trump’s inauguration have since lost an eye-watering figure
