On Tuesday, Trump chose a red Model S from the Teslas that were delivered to him at the White House. The stock rose 3.8% on the day after a 15% rout on Monday. But despite the presidential purchase — and the apparent opportunity to buy the dip — Musk’s faithful are nervous to wade in and scoop up shares on the cheap, fearing that the bloodbath may be far from over.
Elon Musk’s fans are known for their commitment to Tesla Inc, but in the current rout of the stock even long-term believers are backing away.
The retreat from Musk’s electric vehicle company, which has been the biggest decliner in the S&P 500 Index this year, has been so extreme that on Monday night President Donald Trump intervened, saying he would buy a new Tesla to support Musk.
