Trump buys Tesla, defends Musk: 'I think he has been treated very unfairly'

US President Donald Trump buys a Tesla alongside Elon Musk, calling it a 'great product' and defending the CEO against criticism, as protests against Musk erupt across the US

US President Donald Trump purchased a red Tesla on Tuesday, with CEO Elon Musk by his side, assisting him in selecting the vehicle on the White House driveway.

 

The move was seen as a gesture of support for Musk’s electric vehicle company, which has faced backlash over the CEO’s involvement in advancing the President’s political agenda.  

 

Speaking about his decision to buy a Tesla, Trump said, “Number one, it’s a great product, as good as it gets. And number two, because this man (Elon Musk) has devoted his energy and his life to doing this and I think he has been treated very unfairly…”

 

 

As he settled into the driver’s seat of a Model X, Trump said, “Wow, that’s beautiful.” Musk, seated in the passenger seat, joked about “giving the Secret Service a heart attack” while discussing how to operate the car, which can accelerate to 95 km per hour within seconds.   

Number one, it's a great product, as good as it gets—and number two, because @ElonMusk has devoted his energy and his life to doing this and I think he has been treated very unfairly… pic.twitter.com/6qrfwrbT0f

— Donald J. Trump (@realDonaldTrump) March 12, 2025

Despite sitting behind the wheel, Trump did not take the car for a test drive, as he is not permitted to drive. Instead, he said the vehicle would remain at the White House for his staff to use.  

 

Trump confirmed that he paid the full price of approximately $80,000 for the car, emphasising that he did not receive any discount. “Musk would give me a discount, but if I do a discount, they’re gonna say, ‘Oh, I got benefits’,” he said.  

 

Recalling the purchase, he added, “When I saw what was happening, I said that I want to buy a Tesla, and we just went to the front. He (Elon Musk) had four beautiful cars there, and I bought one in front of the press. It was a very public purchase, and they're beautiful and do a great job.”

 

Praising Musk, Trump called him a “patriot”, saying, “He’s done a great job... It’s not that he’s a Republican... Sometimes, I’m not even sure what he is in terms of his philosophy, but he’s a great guy.”

 

Tesla stocks take a hit

Tesla’s shares have taken a hit amid growing controversy over Musk’s role in the Trump administration’s Department of Government Efficiency (DOGE). Recently, protests erupted outside Tesla stores across the US, with protestors opposing Musk’s push to cut government spending on behalf of the President.

Protesters carried signs reading “Elon must go away” and “Honk if Elon Musk should be fired.”

 

Tesla Inc faced its sharpest decline in more than four years, extending its downward trajectory in 2025 as concerns over demand for its electric vehicles grew on Wall Street. The widespread selloff wiped out $130 billion from Tesla’s market capitalisation, bringing its stock to its lowest level since October.  

 

Shares of Tesla tumbled 15 per cent to $222.15, contributing to a 4 per cent drop in the Nasdaq index. On Monday alone, Tesla’s market value loss surpassed the combined $86 billion market capitalisation of Ford Motor and General Motors.

 

In Europe, Tesla’s sales have also taken a hit, with protests erupting outside a Tesla showroom in Lisbon on Sunday. Demonstrators held signs reading ‘Boycott Tesla’ in opposition to Elon Musk’s political and business decisions.  

 

Musk, the world’s richest person, has seen his net worth shrink by $132 billion since the start of the year, according to the Bloomberg Billionaires Index. His fortune, which reached a peak of $486 billion in December 2024, declined by $29 billion on Monday alone. The loss is attributed to Tesla’s stock downturn, investor unease, and weakening sales. Other high-profile billionaires, including Jeff Bezos, Mark Zuckerberg, and Bernard Arnault, have also faced financial setbacks due to market volatility and policy uncertainties.

 

[With agency inputs]