Elon Musk has been going through a tough time lately, especially with Tesla’s stock taking a significant hit.
In fact, his friend Donald Trump had to step in to defend him on Truth Social, claiming that “the Radical Left Lunatics” are attempting to harm “Elon’s ‘baby.’”
Tesla’s Stock Loss
Musk’s troubles are tied to some drastic moves on Wall Street, largely influenced by Trump’s unpredictable changes to U.S. trade policy. And unfortunately for Musk, he’s feeling the financial consequences.
Just last week, Musk saw a nearly $9 billion loss as Tesla’s stock dropped 6%, wiping out $8.8 billion from his net worth. His fortune fell from $464 billion in December to just $342.8 billion by the end of the week.
Tesla’s stock has now plummeted over 50% since December, shocking both analysts and shareholders.
In mid-December 2024, the stock was nearing its all-time high of $480 per share, but by early March 2025, it had dropped to around $220. This huge drop resulted in over $800 billion in lost market value—the biggest decline Tesla has seen in years.
The Impact on Musk
The downturn in Tesla’s stock value coincides with Elon Musk’s role during Donald Trump’s presidency. Musk, known for founding Tesla and SpaceX, was appointed head of the newly-formed Department of Government Efficiency (DOGE), tasked with cutting costs and eliminating wasteful spending of taxpayer money. His focus has been on dramatically reducing the federal workforce.
The pressure from Tesla’s struggles has clearly affected Musk. In a recent interview with Larry Kudlow on Fox Business, the Tesla CEO appeared visibly stressed when discussing the difficulties his companies are facing. He admitted that managing multiple businesses was becoming increasingly challenging, especially with Tesla’s stock dropping to its lowest in over three years.
In addition to this, Tesla is also facing a global slowdown in electric vehicle sales, which has only added to Musk’s mounting challenges.
Trump’s Support for Musk
Despite all of this, Donald Trump continues to show unwavering support for Musk. On March 10, as Musk’s day worsened, Trump took to Truth Social, urging his followers to stand behind Tesla.
Many years since I saw Elon almost crying in an interview, it comes to mind when top astronauts called SpaceX failures and he said ‘I’ll never give up’, in tears. I believe he’s close to a breakdown. He’s been taken in the wrong place, IMHO. Politics isn’t his playing field. pic.twitter.com/bR5K2gP53m
— 𝒰𝓂𝒷𝒾𝓈𝒶𝓂 (@Umbisam) March 10, 2025
“To Republicans, Conservatives, and all great Americans, Elon Musk is ‘putting it on the line’ to help our Nation, and he is doing a FANTASTIC JOB!” Trump wrote. “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.”
He went on to emphasize, “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???”
In an ironic turn of events, despite having previously criticized electric cars, saying they were only “good if you have a towing company,” Trump turned the White House into a Tesla showroom as a gesture of support for Musk’s EV empire. On March 11, a variety of Tesla models were put on display as Trump publicly praised Musk and vowed to back his business.
“I’m going to buy a brand-new Tesla,” Trump told reporters, adding, “Everything’s computer.”
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