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Donald Trump made a statement Wednesday, displaying his new Tesla Model S in the White House driveway, calling it Elon's baby and urging Americans to support the company, according to Sky News. The endorsement comes as Tesla (NASDAQ:TSLA) shares hit an all-time low, losing nearly 50% of their value in the past three months.
Trump reportedly encouraged investors to buy Tesla stock, calling Elon Musk a great American. The move highlights growing ties between the Tesla CEO and the president, with Musk personally delivering the vehicle to Trump, accompanied by his young son.
Not everyone is on board. Protesters have gathered outside Tesla dealerships, frustrated over the company's association with Trump's recent budget cuts, which led to federal job losses. Some former government employees have vowed to boycott Tesla, while others remain pragmatic. I'm a federal employee myself, but I need a reliable car, a Virginia customer told Sky News.
Despite the controversy, Trump and Musk's alliance appears solid, with Sky News calling it as invincible as a Cybertruck.
This article first appeared on GuruFocus.