U.S. President Donald Trump said on Tuesday he will buy a new Tesla car to show support for the electric carmaker's chief and his ally Elon Musk amid recent "Tesla Takedown" protests and the slump in the company's stock price.
Shares of the automaker rose about 5% in premarket trading, rebounding from the biggest one-day fall in four-and-a half years.
Musk's role in sweeping cuts to the federal workforce at the behest of Trump has led to protests in the U.S. against Tesla.
About 350 demonstrators protested outside a Tesla electric vehicle dealership in Portland, Oregon, last week, while nine people were arrested during a raucous demonstration outside a New York City Tesla (TSLA.O), opens new tab dealership earlier in March.
Musk is spearheading the Trump administration's so-called Department of Government Efficiency, or DOGE.
In a post on his Truth Social platform, Trump defended Musk, saying he was "putting it on the line" to help the country and was doing a "fantastic" job.
"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," Trump said.
Musk's reaction
Musk thanked the president for his support on his own social media platform X.
Trump in January took aim at electric vehicles, revoking a 2021 executive order signed by his predecessor Joe Biden that sought to ensure half of all new vehicles sold in the U.S. by 2030 were electric.
Tesla's market capitalization has more than halved since hitting an all-time high of $1.5 trillion on December 17, erasing most of the gains the stock made after Musk-backed Trump won U.S. election in November.
The stock's decline since December stems from falling vehicle sales and profits, protests against Musk's political activity and investor worries that politics was distracting the world's richest man from tending to his cash cow.
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Start your day informed with AnewZ Morning Brief: here are the top news stories for the 14th of February, covering the latest developments you need to know.
German Chancellor Friedrich Merz declared the end of the "world order" as the 2026 Munich Security Conference opened, warning of an era of “big power politics” driven by Russia, China and shifting U.S. leadership.
Russia has outlined potential areas for economic cooperation with the Trump administration, including a possible return to using the U.S. dollar in bilateral dealings, Bloomberg News reported, citing an internal Kremlin memo.
Ruben Vardanyan has been sentenced to 20 years in prison by the Baku Military Court after being found guilty of a series of offences including war crimes, terrorism and crimes against humanity.
The Pentagon has threatened to designate artificial intelligence firm Anthropic as a “supply chain risk” amid a dispute over the military use of its Claude AI model, according to a report published Monday.
Israeli airstrikes on southern Lebanon killed two people in 12 hours, Lebanon’s Health Ministry said on Tuesday.
Representatives of Ukraine, Russia and the United States are set to meet in Geneva for a third round of trilateral negotiations aimed at ending the nearly four-year war, even as both sides intensify military pressure on the ground.
President Donald Trump said he will be involved “indirectly” in nuclear negotiations between the United States and Iran in Geneva, as both sides resume diplomacy against a backdrop of military pressure and deep mistrust.
Hungary and Slovakia announced a suspension of diesel exports to Ukraine on Wednesday.
A platoon of Swedish Air Force Rangers is training in Greenland as part of the ongoing “Arctic Endurance” exercise, according to Sweden’s military.
U.S.-mediated talks between Russia and Ukraine in Geneva ended after two days of negotiations that Ukrainian President Volodymyr Zelenskyy described as difficult, while signalling progress on the military track.
Millions of Muslims around the world have begun observing Ramadan, the ninth month of the Islamic lunar calendar and the most sacred period in Islam.
Foreign intelligence services are able to see messages sent by Russian soldiers using the Telegram messaging app, Russia's minister for digital development Maksud Shadayev said on Wednesday, the Interfax news agency reported.
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