Trump’s message following Elon Musk’s $29 billion loss in a single day

Elon Musk has been fac­ing a tough time late­ly, with Tesla’s stock drop­ping over 50% since Decem­ber, caus­ing a $9 bil­lion loss to his net worth. Tesla’s stock dropped 6% last week, wip­ing out $8.8 bil­lion from Musk’s for­tune, which fell from $464 bil­lion to $342.8 bil­lion.

This down­turn is linked to Wall Street’s volatil­i­ty and chal­lenges in the elec­tric vehi­cle mar­ket, com­pound­ed by Musk’s role in the Depart­ment of Gov­ern­ment Effi­cien­cy under Don­ald Trump, where he aims to cut fed­er­al spend­ing. Musk admit­ted in an inter­view that man­ag­ing mul­ti­ple busi­ness­es is increas­ing­ly dif­fi­cult, espe­cial­ly as Tes­la faces a glob­al slow­down.

Trump, how­ev­er, con­tin­ues to offer his full sup­port for Musk. On March 10, Trump post­ed on Truth Social, defend­ing Musk and attack­ing what he calls “Rad­i­cal Left Lunatics” for try­ing to harm Tes­la. He pledged to buy a new Tes­la as a show of sup­port, even though he had pre­vi­ous­ly crit­i­cized elec­tric cars.

Trump’s back­ing of Musk is clear, with him turn­ing the White House into a Tes­la show­room on March 11, prais­ing Musk’s con­tri­bu­tions to Amer­i­ca.