Business
Tesla shareholders to vote whether Elon Musk deserves the billions Delaware judge struck down
June 11, 2024
March 12, 2025
By Evans Momodu
Published 13:35 UK GMT
In a high-profile show of support, Donald Trump has purchased a Tesla—a move he says is meant to back Elon Musk’s company, which has suffered a dramatic stock drop in recent months.
The White House driveway temporarily turned into a Tesla showroom, with a Cybertruck and a Model S parked outside, creating a striking display for the media.
As reporters gathered, Trump approached the gleaming red Model S, jokingly asking, “Will I get in?” before admiring the car’s sleek design, calling it “beautiful.”
Musk himself was present for the handover, accompanied by his young son, marking a rare public moment between the tech mogul and the president.
Tesla’s stock has plummeted by 50% in just three months, hitting an all-time low earlier this week. In response, Trump encouraged Americans to support Musk and Tesla, referring to Musk as “a great American” and urging buyers to stand behind the struggling EV giant.
However, not everyone is impressed. Federal employees recently laid off by Trump’s Department of Government Efficiency (DOGE) have expressed outrage over his high-profile Tesla purchase.
Dr. Peter Kerndt, a former USAID Global Health employee, strongly criticised the move, stating that recent government budget cuts would “cost lives.”
Meanwhile, Amy, a former environmental agency worker, admitted to feeling “unaccountably angry” whenever she saw a Tesla pass by, though she kept her frustration internal.
This latest move comes as part of a larger economic strategy from Trump, who has also been actively involved in trade negotiations and tariff escalations.
With Tesla facing financial turbulence, Trump’s endorsement may signal an effort to boost confidence in the electric vehicle industry amid broader economic uncertainties.
Source: Sky news