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.
Uzbekistan and the United States have signed strategic agreements worth more than hundred billion dollars, with agreements including relaxed visa rule...
Some of Yemen’s most vital roads have reopened as the country’s long-stalled peace process shows renewed signs of progress, supported by a ceasefi...
Tesla CEO Elon Musk won shareholder approval on Thursday for the largest corporate pay package in history as investors endorsed his vision of morphing...
Shahbaz Sharif, the Pakistani Prime Minister arrived at the Heydar Aliyev international airport on Friday 7th November to a guard of honour prepared s...
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 7th of November, covering the latest developments you need to ...
U.S. President Donald Trump urged New York City mayor-elect Zohran Mamdani to be "nice" to Washington, saying he approves "a lot of things" for the city and that the Democrat’s election-night remarks showed an "angry" tone toward him.
The U.S. has carried out another deadly strike on a suspected narco-trafficking vessel in the Caribbean.
Donald Trump’s order to resume testing nuclear weapons after a 33-year gap may come as a shock, especially given his efforts to stop conflicts around the world. As contradictory as it may sound, there is logic attached to it.
A trial beginning Wednesday in Portland, Oregon will determine whether President Donald Trump lawfully ordered the National Guard to the city to quell protests.
The Champions League match between Qarabağ FK and Chelsea ended 2–2 at the Tofig Bahramov Republican Stadium in Baku, Azerbaijan on Wednesday (5 November).
A French court has postponed the trial of a suspect linked to the Louvre jewellery heist in a separate case, citing heavy media scrutiny and concerns about the fairness of the proceedings.
More than 10,000 supporters of Serbian President Aleksandar Vucic rallied in Belgrade on Wednesday to show their backing for the populist leader’s policies, following a year of anti-government demonstrations.
Dutch smartphone maker Fairphone is entering the U.S. market, betting on growing demand for repairable and sustainable devices as right-to-repair legislation gains traction, according to Reuters.
Russian President Vladimir Putin on Wednesday instructed senior officials to prepare proposals for potential nuclear weapons testing, following President Trump’s announcement last week that Washington would resume such tests.
Tesla CEO Elon Musk won shareholder approval on Thursday for the largest corporate pay package in history as investors endorsed his vision of morphing the electric vehicle (EV) maker into an artificial intelligence (AI) and robotics juggernaut.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 7th of November, covering the latest developments you need to know.
U.S. President Donald Trump has described a newly signed transport corridor between Armenia and Azerbaijan as a “historic deal” for international peace.
Kazakhstan and the United States have signed a memorandum of understanding on cooperation in critical minerals, the Kazakh presidential press service Akorda announced on Thursday.
The United Nations Development Programme (UNDP) has reported that Hurricane Melissa left behind almost 5 million metric tons of debris across western Jamaica when it struck the island on 28 October.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment