President Donald Trump recently praised Tesla CEO Elon Musk and announced his intention to buy a Tesla vehicle, amid the EV maker’s declining market cap.

What Happened: On Tuesday, Trump took to Truth Social to express his support for Musk and Tesla. He accused the “Radical Left Lunatics” of attempting to boycott Tesla and harm Musk.

Trump compared this to his own experiences in the 2024 Presidential election. He also announced his plan to purchase a new Tesla vehicle as a show of confidence and support for Musk. The President says it’s unfair to target Musk, who is helping to “Make America Great Again.”

In response, Musk expressed gratitude and thanked Trump on his platform X. In another post, he also shared a 2024 video of Trump learning to drive a Cybertruck.

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Why It Matters: Trump’s statement comes at a time when Tesla’s stock has been under significant pressure. The company has been facing increased competition from Chinese electric vehicle manufacturers, declining demand in Europe, and protests at Tesla facilities.

Tesla’s shares have been on a downward spiral, experiencing their worst day in five years during the last session after seven consecutive weeks of declines. When asked on Fox Business, Musk responded that alongside his duties at the White House, he is managing business with “great difficulty.” Nevertheless, he expects to continue his DOGE duties for another year and hopes things will even out in the long term.

Notably, while other U.S. automakers are struggling with tariff concerns, Tesla remains unaffected as it manufactures all its cars in California and Texas.

Tesla stock tumbled over 15% on Monday to close at $222.15, as per Benzinga Pro. The company has lost up to $800 billion in market cap as its stock has fallen over 53% since its Dec. 17 peak.

READ MORE: Tesla Bloodbath To Continue? Hedge Funder Says ‘Musk Circus’ Could Lead To Stock Dropping 95%

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.