President Trump and top administration officials have touted Teslas on the White House lawn and urged Americans to buy the company’s struggling stock.
The Trump administration has also labeled vandalization of Tesla dealerships and vehicles as “domestic terrorism” and has filed federal charges against those suspected of destructive acts.
The level of support the Trump administration is putting behind the company is unprecedented, especially while Musk is a top adviser to Trump and is leading the efforts to cut federal workers and dismantle agencies.
As backlash to Tesla and Musk grows, the White House is doubling down on its defense of the company and the richest person in the world, who has become a bogeyman for the administration as critics blame him for the government overhaul.
By the numbers:
- Tesla’s stock has plummeted in recent weeks, falling nearly 39 percent since the beginning of the year and more than 50 percent since late December.
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The EV company, whose share price soared in the wake of Trump’s win in November, has shed more than $500 billion in market value in the first few months of 2025 amid concerns about Musk’s attention to the company.
Wedbush Securities analyst Dan Ives suggested Musk needs to “take a step back” from his work at DOGE to focus on Tesla.
“There hasn’t been a picture of Musk at a Tesla facility since Trump took office, where essentially he’s been living at Mar-a-Lago or the White House,” Ives told The Hill. “So that’s why I think it’s a moment of truth for Musk to read the room, take a step back and lead Tesla through this brand tornado crisis.”
Read more from The Hill’s Alex Gangitano and Julia Shapero.
