U.S. President Donald Trump has vowed to support Tesla CEO Elon Musk and his businesses, announcing plans to purchase a brand-new Tesla as a show of confidence in the billionaire entrepreneur.

Trump made the pledge in a post on his Truth Social platform on Tuesday, describing Musk as a key supporter of his administration. His statement comes amid a sharp decline in Tesla’s stock value, partly attributed to backlash in Europe over Musk’s financial and advisory ties to Trump’s government.

“To Republicans, Conservatives, and all great Americans, Elon Musk is ‘putting it on the line’ in order to help our Nation, and he is doing a FANTASTIC JOB!,” Trump wrote.

“But the Radical Left Lunatics, as they often do, are trying to illegally and collusively boycott Tesla, one of the world’s great automakers, and Elon’s ‘baby,’ in order to attack and do harm to Elon, and everything he stands for.

“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.

“Why should he be punished for putting his tremendous skills to work in order to help MAKE AMERICA GREAT AGAIN?”

Responding on X, Musk, the world’s richest person, expressed gratitude for Trump’s support.

Since returning to the White House for a second term in January, Trump has given Musk a significant role in his administration, appointing him to lead the newly created Department of Government Efficiency (DOGE). Musk has since spearheaded major cost-cutting efforts within the federal government, reducing spending and downsizing agencies.

However, DOGE’s aggressive budget cuts have faced mounting resistance, including legal challenges, public protests, and pushback from lawmakers. While Trump continues to express confidence in Musk, polls indicate that the tech billionaire remains deeply unpopular among many Americans. His cost-cutting measures have also led to heated confrontations between Republican lawmakers and their constituents at town hall meetings.