The Big Story 

The White House is forcefully defending Tesla as Elon Musk’s electric vehicle (EV) company suffers from financial woes and faces increasingly violent backlash.

© Noah Berger, Associated Press file

President Trump and top administration officials have touted Teslas on the White House lawn and in media appearances, and urged Americans to buy the company’s struggling stock.

The Trump administration has also labeled vandalization of Tesla dealerships and vehicles as “domestic terrorism,”and has filed federal charges against those suspected of destructive acts.

The level of support the administration is putting behind the company is unprecedented, especially while Musk is a top adviser to Trump and is leading the efforts to cut federal workers and dismantle agencies.

As backlash to Tesla and Musk grows, the White House is doubling down on its defense of the company and the richest man in the world, who has become a bogeyman for critics who blame him for the overhaul of federal agencies.

“It’s wrong and illegal for the Commerce Secretary to be promoting Tesla stock or any specific stock for that matter,” Sen. Andy Kim (D-N.J.) wrote in a post on X on Thursday.

“It’s also wrong and illegal for people to vandalize and destroy Tesla cars. Corruption and violence both damage our democracy.”

Tesla’s stock has plummeted in recent weeks, falling nearly 38 percent since the beginning of the year and more than 50 percent since late December.

The electric vehicle company, whose share price soared in the wake of Trump’s win in November, has shed more than $500 billion in market value in the first few months of 2025 amid concerns about Musk’s attention to the company.

Commerce Secretary Howard Lutnick, in an interview with Fox News, praised Musk as “the best entrepreneur, the best technologist, the best leader of any set of companies in America working for America.” Then, he suggested Americans buy Tesla stock.

“I think, if you want to learn something on this show tonight: Buy Tesla,” Lutnick said. “It’s unbelievable that this guy’s stock is this cheap. It’ll never be this cheap again.”

Read more in a full report at TheHill.com tomorrow morning.

Welcome to The Hill’s Technology newsletter, we’re Miranda Nazzaro and Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley.

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Essential Reads 

How policy will be impacting the tech sector now and in the future:

Tesla recalls almost all Cybertrucks over panel that can fly off

Bondi announces charges against 3 individuals in damage to Teslas

Kevin O’Leary: Walz’s Tesla stock quip ‘beyond stupid’

DoorDash, Klarna sign deal for deferred, installment food delivery payments

The Refresh 

News we’ve flagged from the intersection of tech and other topics:

Crypto Corner 

Trump takes crypto victory lap

© Associated Press pool

Welcome to Crypto Corner, a daily feature focused on digital currency and its outlook in Washington.

President Trump became the first sitting president to address a crypto industry conference Thursday, marking another sign of strong support for the industry. 

During a virtual appearance at the Digital Asset Summit, the president took a victory lap on his crypto-related accomplishments during his first two months in office.

He touted the White House’s first-ever crypto summit earlier this month and his executive order establishing a bitcoin reserve and digital asset stockpile.

Trump argued it “will allow the federal government to maximize the value of its holdings instead of foolishly selling them for a fraction of their long-term value, which is exactly what [former President] Biden did.” 

He also slammed what Republican lawmakers and the crypto industry have labeled “Operation Choke Point 2.0,” contending he has ended “the last administration’s regulatory war on crypto and bitcoin.” 

As companies and individuals associated with crypto have lost access to  bank accounts in recent years, some accused Biden-era financial regulators of targeting the industry. 

The name is a play on a controversial Obama-era initiative that discouraged banks from working with certain “high-risk” businesses, such as payday lenders and firearm retailers. 

ICYMI: Coinbase, the largest U.S.-based cryptocurrency exchange, responded to Securities and Exchange Commissioner (SEC) Hester Peirce and the Crypto Task Force’s request for information from stakeholders. 

Coinbase Chief Policy Officer Faryar Shirzad laid out four key elements the SEC should focus on: 

• A clear taxonomy to differentiate digital asset commodities and securities.
• Formal clarity that secondary market sales of digital commodities are not securities transactions.
• Defer to Congress to make market framework.
• Focus on making clear guidelines that “recognize the economic reality of blockchain technology.”

In Other News 

Branch out with other reads on The Hill:

Trump: Barron’s future may be in technology instead of politics, business

President Trump suggested that his son’s future might be in technology instead of in following his footsteps in the politics and business fields.  Trump was asked by Fox News host Laura Ingraham about his youngest son, Barron Trump, and what the commander in chief sees him pursuing in the future during a wide-ranging interview that aired Wednesday, a day ahead of Barron Trump’s birthday. “Maybe technology,” the president …

What Others are Reading 

Two key stories on The Hill right now:

Trump signs executive order to dismantle Department of Education

President Trump signed an executive order Thursday seeking to facilitate his longstanding goal of eliminating the Department of Education. While the … Read more

Republicans want Musk to shut up about Social Security

Senate Republicans want Elon Musk to stop talking about Social Security, and the Department of Government Efficiency to leave it alone. Musk’s statement … Read more