The model, 20, took to social media over the weekend to debut his new inking - the word "misunderstood" on his right cheek, immediately below his eye.
But Presley faces a backlash over his new body art, with users on social media commenting that it was a poor decision on his part.
"Are you really that misunderstood? Having all the money at your disposal is never a good thing in life. You must be so bored," one person wrote, while another added, "The only thing misunderstood is that tattoo. You just ruined your canvas."
However, the star was quick to fire back at his critics, saying during in an Instagram Live stream, "If I thought this was going to ruin my face or I didn't want this, I wouldn't have done it. I think that's a pretty obvious thing."
"It says misunderstood because that's how I felt my entire life. Look at these f**king haters out here. F**k you if you don't like it," he added, reported the New York Post's gossip column Page Six.
HIs girlfriend, who was also present during the broadcast, added, "His parents love it, by the way."