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Donald Trump has vowed to buy a new Tesla car in support of Elon Musk after a plunge in the company’s share price.
The US president accused “radical Left lunatics” of “trying to illegally and collusively boycott” the business after the stock fell 15pc in one of its worst days on record.
Amid a backlash against Mr Musk, who has emerged as one of Mr Trump’s staunchest allies in the past year, Tesla’s shares have now more than halved in value since a peak in December.
The billionaire has come under fire for several controversies since November’s election, including a gesture made at the presidential inauguration which critics have claimed was a Nazi salute – prompting some drivers to brand Tesla’s vehicles “Swasticars”, with dealerships and vehicles vandalised by protesters.
Mr Musk’s role overseeing the Department of Government Efficiency (Doge), which endured a barrage of bad headlines for firings of military veterans and critical nuclear weapons staff, has also made him a target for Democratic attack ads.
On Tuesday, the president defended the Tesla boss in a post on his Truth Social website, writing: “To Republicans, Conservatives, and all great Americans, 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 auto-makers, and Elon’s “baby,” in order to attack and do harm to Elon, and everything he stands for.
“They tried to do it to me at the 2024 Presidential Ballot Box, but how did that work out? 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???”
Shares in Tesla fell to their lowest level since before November’s US election on Monday, knocking $98bn (£76bn) off the company’s market value.
The slump has led Mr Musk’s net worth to fall by more than $105bn.
On Monday, commenting on the turmoil, Mr Musk wrote on X, the social network he owns: “It will be fine long-term.”
He also replied to Mr Trump’s message, saying: “Thank you, President @realDonaldTrump!”
Tesla shares soared in the wake of Mr Trump’s election victory on optimism that its chief executive’s close support for the US president would lead to Tesla-friendly policies in areas such as autonomous driving.
But the company has faced severe sales drops in many key markets, which analysts have linked to Mr Musk’s ties to the Trump administration as well as his praise of Right-wing parties such as Germany’s AfD and Nigel Farage’s Reform.