Eye watering amount Tesla's value increased by after Donald Trump 'purchased' one from Elon Musk
Tesla's worth has jumped by an astonishing amount in what appears to be a recovery sparked by the President. Donald Trump has voiced backing for his dubbed 'First Buddy,' Elon Musk, as the Department of Government Efficiency (DOGE) chief faces fierce criticism recently. In reaction to the Tesla CEO's aggressive budget cuts in federal agencies and international aid projects, political activists have started organizing what they call 'Tesla takedown protests.'
While most rallies remained peaceful, some turned violent with fires starting at Tesla showrooms and charging stations nationwide, from Colorado and Massachusetts to New York. Besides threatening those who damage property with 'domestic terrorism' charges, Trump bought a Republican red Tesla Model S, worth about $90,000, seemingly to show solidarity with his close friend.
The President's purchase happened as Tesla vehicles lined the White House grounds on display during a difficult period for the company in the stock market. The electric vehicle manufacturer lost half its value and saw its share price drop to historic lows earlier this week - until Trump was photographed in the driver's seat, even though it was just for show since the President cannot legally drive it.
Tesla's market value surged by $56.3 billion on Wednesday (March 12), according to CompaniesMarketCap, reaching $780 billion total, Newsweek reports. This made it the second biggest gainer that day. The company's stock price jumped 7.6 percent within 24 hours of the US President showing support for the automaker.
The 78-year-old announced his intention to purchase a 'brand new Tesla' via his platform, Truth Social, on March 11, describing it as a 'show of confidence and support' for the tech billionaire. Trump blamed the 'Radical Left' for boycotting Tesla to 'attack and hurt Elon' as the company's stock fell, adding: "I plan 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 face punishment for using his remarkable abilities to help MAKE AMERICA GREAT AGAIN???"
The President kept his word, even after discovering a Secret Service regulation prevents him from driving it soon for security reasons, instead donating it to White House personnel for their use. Nevertheless, certain critics have raised concerns about whether a current president should publicly support an organization headed by a political associate, particularly if it might lead to monetary benefits. Trump also mentioned he has 'defended' numerous other American businesses, such as the NFL.
"I provide assistance to all of them," he added, explaining these companies receive his backing because they create "many employment opportunities that others cannot provide."
