Tesla’s stock bounced back Tuesday after President Donald Trump threw his support behind CEO Elon Musk, who has come under increasing attack for his role in the administration. Musk, who leads the Department of Government Efficiency (DOGE), has faced protests, vandalism and a cyberattack on his social media platform X.
The electric carmaker’s stock had fallen sharply Monday as investors worried about weaker sales and whether Musk’s expanding responsibilities were affecting his ability to run the company. Trump’s public defense of Musk helped push Tesla’s stock up nearly 5% by early afternoon Tuesday. As of 08:53 AM EDT on Wednesday, March 12, 2025, Tesla’s current stock price is $244.249 USD, a notable recovery from $215.0062 on March 10, following Trump’s endorsement.
🚨 REPORTERS: Which Tesla did you buy?
TRUMP: This one. And I want that same color. [Red Model S Plaid]
REPORTERS: How are you paying?
TRUMP: I'll give him a check. I do it the old fashioned way […] And I don't want a discount.
REPORTER: What about a vanity plate?
TRUMP:… pic.twitter.com/XNOnQXd2K0
— Eric Daugherty (@EricLDaugh) March 11, 2025
The president criticized activists for what he called a politically motivated effort to damage Tesla, writing that Musk is “putting it on the line in order to help our Nation, and he is doing a FANTASTIC JOB!” Trump also announced plans to buy a Tesla as a sign of support.
Tesla's protests appeared to backfire as President Trump's public purchase of Tesla vehicles gained Republican support and boosted morale at the company, prompting Elon Musk to announce plans to double vehicle production and proving that the protests had not slowed Tesla down pic.twitter.com/4zKBBc2wXE
— God's Girl🙏 (@pag_roosevelt) March 12, 2025
Musk’s leadership of DOGE has angered the left, leading to a series of attacks on Tesla locations. Oregon authorities are investigating gunfire at a dealership, while a separate location was targeted with a Molotov cocktail. In Massachusetts, Tesla charging stations have been set on fire.
POV
When you’re 78 years old and become a model and brand ambassador for one of the world’s most renowned car manufacturers 🔥
(President Trump 🇺🇸 | Tesla Inc.) pic.twitter.com/UN8zmz6lmr
— Mambo Italiano (@mamboitaliano__) March 11, 2025
X, Musk’s social media platform, was also hit by a cyberattack Monday. Musk described the attack as “massive” and ongoing, suggesting that it could be the work of a coordinated group or a foreign entity.
Despite facing mounting opposition, Musk continues to play a major role in Trump’s administration. His push to eliminate government waste has made him a target, but Trump’s latest endorsement signals that he retains strong support at the White House.
