"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???"

Musk, the world's richest person, responded on his X platform, thanking the president.

Since returning to the White House in January, Trump has empowered Musk to slash federal government spending and agencies' workforces as head of the so-called Department of Government Efficiency (DOGE).

But DOGE's cost-cutting campaign has faced increasing resistance, including protests, court rulings and some pressure from lawmakers.

While Musk enjoys Trump's confidence, polling shows the tech billionaire is deeply unpopular among ordinary Americans, and his cuts to government budgets have sparked angry confrontations between Republicans and their constituents at town halls.

And Tesla investors have feared boycotts and buyer backlash over Musk's actions and close ties to Trump.

Some owners of Tesla's pioneering electric cars have voiced buyers' remorse over Musk's foray into politics, and his sharing of conspiracy theories online.

Unhappy Tesla owners have even slapped bumper stickers on their vehicles claiming they had purchased them "before Elon went crazy."

Slumping shares

Tesla shares closed down more than 15% on Monday, as uncertainty over Trump's import tariffs and threats have left US financial markets in turmoil.

The tech-heavy Nasdaq tanked 4%owing in part to the plunge in high-flying titans including Apple, Amazon and Tesla.

Tesla has also seen its sales drop across Europe in recent weeks following Musk's controversial support for far-right groups, including Germany's AfD during the country's recent election campaign.

Tesla sales in Germany -- Europe's biggest auto market -- plunged more than 76% year-on-year in February, official data showed. Overall sales in the European Union almost halved, on year, in January.

In early March, a dozen Teslas were torched at a dealership in France in what authorities treated as an arson attack, and the firm's facilities have also been vandalized in the United States.

Tesla has lost more than one-third of its market value since mid-December as Musk deepens his association with Trump.

Meanwhile, Musk said his X platform was hit Monday by a major cyberattack, raising questions as to whether the politically divisive billionaire is being targeted or his decision to gut staff at what was once Twitter is haunting the social network.

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Donald Trump says he will buy a Tesla to show support for Elon Musk