Trump Buys Tesla as Musk Battles Stock Crash and Political Fallout
Trump’s purchase of an $80,000 Tesla Model S at the White House on Tuesday was more than just a personal transaction. The highly publicized event served as a direct endorsement of Tesla at a time when the company is facing mounting financial and political challenges.
Since Trump took office in January, Tesla’s stock has plunged nearly 48%, marking one of the worst downturns in the company’s history. Global demand for electric vehicles is shrinking, with Chinese automakers gaining a competitive edge. Tesla deliveries fell 8.5% in Q1 2024, marking its first decline in nearly four years. Meanwhile, Musk’s net worth has dropped by $40 billion since aligning himself with Trump’s administration.
The event was more than just a car purchase—it was a direct show of support. Musk, who has emerged as a key figure in Trump’s administration, is reportedly pledging $100 million to the president’s political network, further solidifying their alliance.
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