President Trump and top administration officials have touted Teslas on the White House lawn and in media appearances, 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 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 man in the world, who has become a bogeyman for critics who blame him for the overhaul of federal agencies.
“It’s wrong and illegal for the Commerce Secretary to be promoting Tesla stock or any specific stock for that matter,” Sen. Andy Kim (D-N.J.) wrote in a post on X on Thursday.
“It’s also wrong and illegal for people to vandalize and destroy Tesla cars. Corruption and violence both damage our democracy.”
Tesla’s stock has plummeted in recent weeks, falling nearly 38 percent since the beginning of the year and more than 50 percent since late December.
The electric vehicle 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.
Commerce Secretary Howard Lutnick, in an interview with Fox News, praised Musk as “the best entrepreneur, the best technologist, the best leader of any set of companies in America working for America.” Then, he suggested Americans buy Tesla stock.
“I think, if you want to learn something on this show tonight: Buy Tesla,” Lutnick said. “It’s unbelievable that this guy’s stock is this cheap. It’ll never be this cheap again.”
Read more in a full report at TheHill.com tomorrow morning.
