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In a bold show of support for Tesla and its CEO Elon Musk, President Donald Trump showcased the new Tesla Model S in the White House yard on March 11. The event, first reported by Glavcom, highlighted Trump’s endorsement of Musk’s leadership and Tesla’s role in American innovation.
At a press briefing, Trump admitted he misses driving but revealed that while he is not allowed to drive as President, he would keep a Tesla at the White House for staff use.
“It is a fantastic product—the best there is,” Trump said, calling the vehicle “very innovative” and praising Musk’s dedication and contributions to American industry.
Musk, in turn, acknowledged Trump’s economic policies as a key factor in Tesla’s plan to double U.S. production within the next two years.
Despite Trump’s high-profile endorsement, Tesla’s stock plunged 15%, marking its worst single-day drop in four years. Analysts attribute this to a revised supply forecast and negative reactions to Musk’s political affiliations.
According to Bloomberg’s billionaire index, Musk’s fortune has declined by over $132 billion since the start of the year. Meanwhile, the NASDAQ 100 index lost $1 trillion in market capitalization, making it the worst day of the year for the tech sector.
Stock market woes intensified after Trump’s Fox News interview, where he avoided confirming a recession risk but acknowledged a “transitional period” for the U.S. economy. He also reaffirmed tariff increases on imports, contributing to investor uncertainty.
While the White House Tesla reveal was meant to be a symbol of support for American innovation, it instead triggered market volatility, leaving both Tesla and Musk facing unexpected financial setbacks.