'Elon has devoted his life': But is Tesla paying price for Trump's politics? WATCH

At a press conference on Tuesday, former US President Donald Trump showcased his support for Tesla CEO Elon Musk by copping a red Model S hydrofoil. The event took place on the White House’s South Field, where five Tesla vehicles were displayed, emblematizing Trump’s countersign of Musk during a time when the billionaire is facing review for his sweats to reduce the civil government.

Trump’s praise for Musk and his work

During the event, Trump marveled at the Tesla’s technology, calling it “ beautiful ” and emphasizing how everything in the vehicle is controlled by computers. Climbing into the motorist’s seat of the Model S, he expressed admiration for Musk’s fidelity to advancing electric vehicles. Musk, seated in the passenger seat, joked that their improvisational drive might give the Secret Service a "heart attack." Trump also blazoned his intention to write a check for the auto, stating that he'd leave it at the White House for his staff to use.

Tesla's stock oscillations and production expansion

Trump’s public display of support came at a critical time for Tesla, as the company’s stock had lately endured a steep decline. Following Trump’s reflections, Tesla shares saw a slight recovery, closing nearly 4 advanced on Tuesday. still, the stock had declined by over 15 just a day before, marking one of its worst single- day losses in times.

The company’s request valuation, which formerly peaked at$ 1.5 trillion in December after Trump’s 2024 election palm, had dropped significantly, standing at$ 696 billion. Despite the fiscal turbulence, Musk used the press conference to advertise Tesla’s commitment to adding vehicle product in the US, describing it as a show of faith in the country.

Government cuts and their impact on Tesla

The decline in Tesla’s stock price has been linked to lower deals numbers and Musk’s part in the recently established Department of Government Efficiency( DOGE), an action aimed at cutting civil spending by reducing the pool. The department’s plan to lay off hundreds of thousands of government workers has sparked contestation, with critics arguing that it could have far- reaching profitable consequences.

Trump’s Continued to support Musk

Trump reaffirmed his confidence in Musk, calling him a 'fantastic American' who's taking bold way to support the country. He also reiterated that his Tesla purchase was a emblematic gesture of trust in Musk’s leadership. As Tesla faces profitable challenges and political scrutiny, Trump’s backing may serve as a pivotal boost for the EV mammoth and its open CEO.