This is why Trump’s support to Tesla could end up hurting Elon Musk’s company according to experts
The President was seen recently attempting to push people towards the electric car manufacturer, but his presence may not have had the desired effect.
On Wednesday 12 March, the President of the United States of America stood outside his White House residence, the physical embodiment of a free world and democratic values, and tried to sell some electric cars that belong to his friend, an unelected foreigner in charge of cutting jobs, public money and country-wide security.
Elon Musk’s beleaguered Tesla company, previously the world leader in electric vehicles, has seen an unprecedented drop in its stock prices after a backlash from owners and investors regarding his aforementioned role in government.
Shares have dropped a whopping 45% in 2025 and on Monday fell more than 15% to $222.15.
holy shit -- Trump was reading from a literal Tesla sales pitch, complete with pricing, during his White House event with Elon Musk. (Andrew Harnik/Getty) pic.twitter.com/hT7fNLRrY3
— Aaron Rupar (@atrupar) March 11, 2025
Musk’s politics “hurting” Tesla
The huge losses come after South African was put in charge of DOGE, a body created to trim the fat across federal agencies - but his work has been met with rejection and concern. Some feel Musk, the richest man in the world and who paid $270 million to get Trump elected, has too much power and that his role should be reduced. He’s vastly more visible at the side of Trump compared to Secretary of State Marco Rubio and even the actual Vice-President, JD Vance.
However, it seems that Tesla is taking the hit for Musk’s behaviour, which has been extremely disturbing, and includes a double ‘nazi salute’ that shocked the world. As a result of this unease, people are turning their backs on his products, which is what led Trump to, as mentioned, literally stand outside the White House and conduct a sales pitch for his friend.
“Tesla is becoming a political symbol of Trump and DOGE, and that is a bad thing for the brand,” said Wedbush Securities financial analyst Dan Ives, “You think it’s helping, but it’s actually hurting.”
Donald Trump just lashed out at Americans for not buying Teslas, saying they are “illegally” boycotting the company. pic.twitter.com/9nqv3nyxjl
— No Lie with Brian Tyler Cohen (@NoLieWithBTC) March 11, 2025
Showrooms across the globe have been hit with protests that have seen buildings and cars set on fire, windows shot through and plenty of people arrested. Those who already have Teslas are quickly moving to buy bumper stickers apologising for their decision and explaining that the car was bought before Musk turned into Trump’s unofficial, unelected, right-hand man: “I bought it before Elon went nuts”. Trump said on his social media site that the boycotts were “illegal”, although citizens freely choosing not to buy a particular product is certainly not against the law.
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