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.