US President Donald Trump held a press conference at the White House's South Lawn with Tesla CEO Elon Musk in tow. But this time, the White House turned into a Tesla showroom, with five vehicles in the background and the President selecting a red Model S sedan to show his support to the EV company chief as he faces backlash over his efforts to downsize the federal government.
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On Tuesday, just hours after Trump announced on Truth Social that he planned to buy a Tesla, the EV company delivered five of its vehicles to the White House and parked them on a driveway for Trump to personally inspect them.
(Reuters Photo)
“Wow, that’s beautiful. Everything's computer," Trump said as he got into the driver’s seat of a Model S.
Musk got in on the passenger side and joked about “giving the Secret Service a heart attack” as they talked about how to start a vehicle that can reach 95 km per hour in a few seconds.
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Addressing reporters, the President said that he would write a cheque for the car, which retails for roughly $80,000, and leave it at the White House, so his staff can drive it.
“It’s a great product. We have to celebrate him," Trump said, praising Musk.
As a result of Trump's gesture towards his tech billionaire ally, Tesla's stock ended up closing nearly 4 per cent on Tuesday, a day after it plunged over 15 per cent, marking its steepest single-day drop in years.
The EV company's market cap currently stood at $696 billion.
Following Trump's landslide victory in the 2024 presidential election, Tesla's valuation reached an all-time high at $1.5 trillion on December 17. But in less than three months, the EV company's stock price fell by 45 per cent.
As per media reports, the decline in Tesla's stock price was attributed to falling sales figures, as well as Musk's work under his Department of Government Efficiency (DOGE), which seeks to fire hundreds of thousands of government employees as part of a broader budget overhaul under the Trump administration.
(With AP inputs)
Published By:
Karishma Saurabh Kalita
Published On:
Mar 12, 2025
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