Elon Musk received support from US President Donald Trump, who announced that he will buy a new Tesla car.

During his presidency, Elon Musk’s electric vehicle company Tesla is facing challenging times as its shares hit a four-year low. Trump, describing Musk as a true American, declared his intention to support Musk and Tesla by purchasing a new Tesla.

President Trump questioned why a person who dedicates his extraordinary talent to the ideal of “making America great again” should be punished. In response, Musk thanked Trump.

Tesla’s shares have plummeted by over 50% from their peak of $490 in December. Yesterday, Tesla experienced a more than 15% drop, falling to $222. The company’s market value also decreased from $1.5 trillion to $850 billion from its peak.

The electric car giant suffered a setback due to Musk’s actions as the Chief Executive Officer responsible for the Department of Government Efficiency (DOGE) and his support for far-right political parties in Europe. Tesla’s sales in Germany declined by 76.3% annually. Musk had spent over $200 million on Trump’s election campaign.