Donald Trump says he will buy Tesla to show support for Elon Musk

United States President Donald Trump said Tuesday he will buy a "brand new Tesla" to show support for his top campaign donor and advisor, Tesla CEO Elon Musk.

"To Republicans, Conservatives, and all great Americans, Elon Musk is 'putting it on the line' in order to help our Nation, and he is doing a FANTASTIC JOB!," Trump posted on his Truth Social platform just after midnight on Tuesday.

"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," said Trump.

"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???"

Since returning to the White House in January, Trump has empowered tech billionaire Musk to slash federal government spending and agencies' workforces as head of the so-called Department of Government Efficiency (DOGE).

But DOGE's cost-cutting campaign has faced increasing resistance, including protests, court rulings and some pressure from lawmakers.

And Tesla investors have feared boycotts and buyer backlash over Musk's actions and close ties to Trump.

Some owners of Tesla's pioneering electric cars have voiced buyers' remorse over Musk's foray into politics, including his backing of Trump and far-right parties in Europe, and sharing conspiracy theories online.

Tesla shares closed down more than 15% on Monday, as uncertainty over Trump's import tariffs and threats have left US financial markets in turmoil.

The tech-heavy Nasdaq tanked four per cent owing in part to the plunge in high-flying titans including Apple, Amazon and Tesla.

Meanwhile, Musk, the world's richest person, said his social media platform X was hit Monday by a major cyberattack, raising questions as to whether the politically divisive billionaire is being targeted or his decision to gut staff at what was once Twitter is haunting the social network.