The rebounding of Tesla shares on Tuesday was followed by President Trump appearing with Musk at the White House to select a new Tesla for his staff to use.
In a show of support towards billionaire entrepreneur Elon Musk owned Tesla, US President Donald Trump announced on Tuesday that violence against electric carmaker Tesla dealerships will be labeled domestic terrorism and perpetrators will “go through hell”.
Shares of Tesla closed 4% higher on Tuesday, after plunging about 15% on Monday to record its worst day in the market since September 2020. Since peaking to around $480 on December 17 last year, Tesla has lost about 50% of its share value, wiping out close to $800 billion in market capital.
The US equities also saw a broader slump led by Elon Musk’s Tesla as NASDAQ tumbled almost 4%, its steepest decline since 2022.
The rebounding of Tesla shares on Tuesday was followed by President Trump appearing with Musk at the White House to select a new Tesla for his staff to use.
“They’re harming a great American company,” Trump said at the White House, referring to the protests happening against Musk’s alleged role in slashing the federal workforce at the behest of Trump.
Activists have rolled out Tesla Takedown protests against Elon Musk, who they allege has been at the forefront of cancellation of contracts that fund humanitarian programs around the world. Musk has been chosen by Trump to lead the Department of Government Efficiency (DOGE).
“Let me tell you, you do it to Tesla, and you do it to any company, we’re going to catch you, and you’re going to go through hell,” Trump said at the White House, reported Reuters.
According to media reports, vandalism of Tesla vehicles and its showrooms were reported which are under investigation. Reuters reported that last week, around 350 demonstrators protested outside a Tesla electric vehicle dealership in Portland, Oregon.