Tesla Loses 189 Trillion KRW in Market Cap in One Day... Trump Says "I'm Going to Buy a Car Tomorrow"

Trump: "A Sign of Trust and Support for Musk"

On the 11th (local time) in the early morning, Donald Trump, President of the United States, posted a message on his social media (SNS) account supporting Elon Musk, who has recently been receiving criticism. Photo by post capture

U.S. President Donald Trump announced on the 11th (local time) that "to show trust and support for Elon Musk, I will purchase a new Tesla tomorrow morning."

President Trump stated early that day on his social media platform, Truth Social, "He is truly a great American," and questioned, "Why should he be punished for using his tremendous abilities to make America great again?"

Democratic lawmakers have condemned the actions of Musk, Tesla's CEO, who leads the Department of Government Efficiency (DOGE) in Trump's second administration and has indiscriminate access to sensitive personal information such as taxpayer data and bank records. There were also criticisms that Musk, who is not an elected official, is acting like a bureaucrat. In response, President Trump took steps to reorganize the hierarchy within DOGE. As global public resentment toward Musk grew, a Tesla boycott movement emerged, particularly in the U.S. and Europe.

President Trump raised his voice, saying, "Radical left-wing fanatics are trying to boycott Tesla, which is like Musk's 'child,' through illegal and conspiratorial means as usual," adding, "Their intention is ultimately to damage and harm Elon and everything he supports." He also asked rhetorically, "They tried the same thing against me in the 2024 presidential election, but what was the result?"

Tesla closed at $222.15 on the New York Stock Exchange the previous day, down 15.43% from the previous close. During the session, it briefly fell to $220.00. The one-day drop was the largest since September 8, 2020, when it fell 21.06%. Based on the closing price, Tesla's market capitalization evaporated by $130 billion (approximately 189 trillion won) from the previous close, standing at $714.6 billion.

This plunge appears to have been influenced by concerns over a global economic recession triggered by the trade war that hit the U.S. stock market broadly, along with growing resentment toward Tesla. According to Bloomberg News in the U.S., Wall Street's UBS Group said, "While the launch of the new Model Y is expected to help sales, orders have somewhat stalled," lowering its first-quarter sales forecast by 16% to 367,000 units. Along with this, Tesla's first-quarter earnings estimates were also revised downward.

Following the overnight stock plunge, CEO Musk acknowledged in an interview with Fox Business that Tesla has recently become a target of attacks by Musk opponents, as pointed out by the host. However, he maintained his previous stance regarding DOGE's federal agency budget cuts and large-scale layoffs, stating, "We know we are doing the right thing here."