Trump calls Tesla boycott "Illegal", plans to buy one in support of Musk

Elon Musk's companies faced a rough day on Monday, with his social media platform X experiencing outages, Tesla shares plummeting 15 percent, and SpaceX dealing with the aftermath of another rocket explosion.

The combined struggles have significantly impacted Musk’s net worth, with the Bloomberg Billionaires Index reporting a USD 29 billion drop in his fortune on Monday alone.

Despite these setbacks, Musk has ramped up his visibility in politics, particularly in his role leading the newly formed Department of Government Efficiency.

Supporters hailed his efforts as vital to reducing government fraud but criticized by others as an unelected takeover. However, the mounting difficulties at his companies suggest that even with political favor, strong leadership is essential.

Musk admitted in a Fox News interview on Monday that running his businesses while simultaneously working within the Trump administration is no easy feat. The challenging reality of managing both spheres, particularly Tesla, has raised concerns about his ability to balance his numerous responsibilities.

As Tesla’s stock continues to falter, Trump expressed support for Musk, publicly announcing on Truth Social that he plans to purchase a Tesla to show confidence in Musk’s leadership. “Elon Musk is putting it on the line to help our nation, and he is doing a FANTASTIC JOB!” Trump declared. “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.”

Musk responded to Trump's gesture with a thank-you post on X.

However, Musk's troubles weren't limited to Tesla. On Monday, X faced a massive cyberattack that left the platform down for hours. Musk confirmed the attack on Twitter, stating that it was one of the most significant cyberattacks the platform had faced, possibly involving a coordinated group or even a country.

As Musk battles technical and financial hurdles, Trump’s endorsement may provide the morale boost he needs during a difficult time.