Donald Trump has signaled he intends to buy a “brand new Tesla” and blamed “Radical Left Lunatics” for “illegally” boycotting Elon Musk’s electric vehicle company a day after Tesla suffered its worst share price fall in nearly five years.
Tesla’s share fell hard on Monday as markets reacted to the threat of a recession and Trump’s tariff plans. Tesla’s slide came amid widespread protests over the billionaire Musk’s influence in the federal government at Tesla dealerships, a boycott campaign, car owners selling their Tesla vehicles, and activists pushing members of the public to sell Tesla shares.
“Elon Musk is ‘putting it on the line’ in order to help our Nation, and he is doing a FANTASTIC JOB! But the Radical Left Lunatics, as they often do, are trying to illegally and collusively boycott Tesla, one of the World’s great automakers, and Elon’s ‘baby,’ in order to attack and do harm to Elon, and everything he stands for,” Trump posted on Truth Social on Tuesday morning.
“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???”
Trump’s claim the boycott is “illegal” is false. The supreme court ruled in 1972 that the first amendment of the US constitution protects Americans’ right to protest private businesses.
Musk’s net worth decreased by $29bn yesterday, and has fallen by $132bn over the past 12 months, as Tesla shares’ gains have been wiped out. Tesla shares have declined every week since Trump took office, declining 15% on Monday alone.
Tesla’s board members, including Musk’s brother Kimbal Musk, have offloaded millions of dollars worth of shares in recent months. Tesla vehicles sales abroad have also dropped significantly, including by 76.3% in Germany in February 2025 compared to February 2024.
The boycott has emerged as Musk’s so-called “department of government efficiency” (Doge) has wreaked havoc throughout the federal government in a proclaimed effort to reduce federal spending. The access and actions by Musk and his team have incited concerns over the lack of transparency, false claims about cancelled contracts and grants and the amount of savings made.
Polls have shown public support for Doge is mixed to unfavorable, with the vast majority of Democratic voters polling that Musk has too much power.
