Donald Trump has stated that he will be showing his “support” for Elon Musk by buying a brand-new Tesla. The President of the United States recently shared a message praising Musk’s work for the nation. Here’s what President Trump had to say about Tesla and Musk.
Is Donald Trump buying a Tesla to support Elon Musk?
Donald Trump has stated that he is prepared to get a new Tesla to support CEO Elon Musk. This has come amid boycotts of the company’s products and a slump in its stock price. Trump wrote on Truth Social, “To Republicans, Conservatives, and all great Americans, Elon Musk is ‘putting it on the line’ in order to help our Nation. But the Radical Left Lunatics, as they often do, are trying to illegally and collusively boycott Tesla, one of the World’s great automakers, and Elon’s ‘baby,’ in order to attack and do harm to Elon, and everything he stands for.” Trump’s message was then shared by Musk on his social media platform, X (formerly Twitter).
As a “show of confidence,” Trump announced that he would buy a brand new Tesla “tomorrow morning.” He further explained, “In any event, 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. Why should he be punished for putting his tremendous skills to work in order to help MAKE AMERICA GREAT AGAIN???”
On March 7, reports revealed Tesla stocks dropped as much as 4.6%. The downfall of Tesla’s stock price reportedly wiped out the $700 billion in gains.
Experts have claimed Musk’s “political involvement” has not worked out in favor of Tesla’s shares. Adam Sarhan, founder of 50 Park Investments, explained to Bloomberg News, “The bet on Tesla’s shares soaring due to Musk’s political involvement has not worked out thus far.” He added, “Investors who initially anticipated massive benefits from Musk’s political involvement got too excited, and now cooler heads are prevailing.”
Another expert, Matt Maley, chief market strategist at Miller Tabak + Co., had a different opinion. Maley noted, “Tesla’s forward price-to-earnings ratio is still very close to 90. So, the shares are still very expensive.”
Originally reported by Arpita Adhya on ComingSoon.
