U.S. President Donald Trump said on Tuesday he will buy a new Tesla car to show support for the electric carmaker's chief and his ally Elon Musk amid recent "Tesla Takedown" protests and the slump in the company's stock price.

The president defended Elon Musk, a key donor and adviser, after shares in the electric-car maker hit their lowest point since before Election Day.

After experiencing a drop in sales and its worst day on the stock market in five years on Tuesday, Tesla received a ringing endorsement from President Donald Trump, who took to Truth Social to pledge his "support for Elon Musk," promising to buy "a brand new Tesla."