Tesla (TSLA.US) faced a boycott and saw its stock price plummet by 15% in a single day. Despite the setback, President Trump was considering purchasing a new car to show his support for Elon Musk.

President Trump announced on the Truth Social platform that he would purchase a "new Tesla" to support Elon Musk, calling him "a truly great American." Trump also praised Musk, the head of the government efficiency department (DOGE), and criticized those who oppose Tesla (TSLA.US) and its CEO as "radical left-wing lunatics."

Musk posted on X that Tesla "will have no problems in the long run," but investors worried about his relationship with Trump would be met with resistance and strong opposition from buyers.

As Musk's DOGE continued to shrink the size of government, dramatically cutting federal government jobs, many Tesla stores also saw peaceful protests, with demonstrators holding signs that read "Fire Musk" and "Boycott Tesla!!!"

Before Trump's announcement, Tesla's stock price plunged 15% on Monday, its biggest one-day drop since September 2020. Tesla's stock price has fallen 45% since 2025, and has lost all of its gains since Trump won the U.S. presidential election last November. Musk's net worth has fallen by more than $130 billion since January, according to the Bloomberg Billionaires Index.

And Musk is not the only one suffering. The wealth of five people has evaporated by a total of $209 billion, according to the Bloomberg Billionaires Index. Musk's personal wealth has fallen by $148 billion since the day of Trump's inauguration (January 20), while Jeff Bezos' personal wealth has dropped by $29 billion, Larry Page's by $21 billion, Mark Zuckerberg's by $6 billion and Bernard Arnault's by $5 billion. The five billionaires' wealth has fallen by a total of $209 billion. The five billionaires' wealth has fallen by a total of $497.8 billion in a single day.