After Donald Trump publicly announced his purchase of a Tesla in support of Elon Musk, the company’s value surged dramatically.

On March 11, the 78-year-old former president posed with several Tesla models on the South Lawn, praising the company’s innovation and staunchly defending Musk against what he called “unfair treatment” from critics.

Just hours earlier, Trump had taken to Truth Social to respond to growing calls for a Tesla boycott, pledging his support for Musk and vowing to buy a new Tesla himself.

He wrote: “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???”

Staying true to his word, Trump arrived at the event ready to purchase a Tesla Model S for himself and a Cybertruck for his 17-year-old granddaughter, Kai Trump.

Regardless of whether it was a publicity move, the effect was immediate. Tesla’s market capitalization jumped by $56.3 billion the following day, climbing to $780 billion, according to Newsweek. The company’s stock surged 7.6% in just 24 hours, marking one of its most significant single-day gains in months.

Tesla had been facing financial struggles, having lost half its value in recent months due to declining sales, factory shutdowns, and widespread protests across the U.S. and Europe. Political activists angered by Musk’s cost-cutting measures on federal projects had organized demonstrations under the banner of “Tesla takedown protests.”

While most protests remained peaceful, some escalated into acts of vandalism and arson, with Tesla showrooms and charging stations being set ablaze in Colorado, Massachusetts, and New York.

Trump swiftly condemned the violence, warning perpetrators during a White House press conference: “Those people are going to have a big problem when we catch them. We’ve got a lot of cameras up, we already know who some of them are. We’re going to catch them. And they’re bad guys.”

When asked whether he would officially classify violent anti-Tesla protesters as domestic terrorists, Trump was unequivocal: “I will do that, I’ll do it. I’m going to stop them.”

Despite personally paying for the Model S, Trump acknowledged that due to Secret Service restrictions, he wouldn’t be able to drive it himself.

“I’m gonna buy one, now here’s the bad news. I’m not allowed to drive,” he admitted. “I haven’t driven a car in a long time. And I love to drive cars. But I’m gonna have it at the White House and I’m gonna let my staff use it. I’m gonna let people at the place use it. They all are all excited about that.”

With Tesla’s stock rebounding and Musk gaining high-profile political backing, the tech billionaire may have narrowly avoided a financial crisis—at least for now.