Elon Musk says he’s ready to leave DOGE next month, Tesla stock surges in anticipation
The post Elon Musk says he’s ready to leave DOGE next month, Tesla stock surges in anticipation appeared on BitcoinEthereumNews.com.
Elon Musk said Tuesday he’s preparing to step back from Washington starting May, just as Tesla tries to recover from a brutal financial quarter. Speaking during Tesla’s earnings call, Elon confirmed that his work at President Donald Trump’s Department of Government Efficiency (DOGE) will drop “significantly” by next month. The company’s stock shot up nearly 5% in after-hours trading once the words left his mouth. Elon told investors that while he’s stepping back, he’ll still help out with DOGE “to make sure that the waste and fraud that we stop does not come roaring back.” He also said he’ll continue spending “a day or two per week” on government work “for as long as the president would like me to do so.” The comment came just minutes after Tesla reported a 20% drop in automotive revenue and a 71% collapse in net income for the first quarter. Elon Musk’s political influence is dwindling after he spent nearly $300 million to elect Trump According to the Associated Press, Elon created DOGE after putting nearly $300 million into Trump’s 2024 campaign, which helped return him to the White House and made Elon the country’s “First Buddy,” as he so calls it. Over the past three months, DOGE has hacked away at agencies that include the IRS, National Park Service, Consumer Financial Protection Bureau, and the departments of Agriculture, Education, Energy, Health and Human Services, Homeland Security, and Veterans Affairs. DOGE also went after federal agencies responsible for keeping an eye on Elon’s businesses—namely, the Securities and Exchange Commission, the Federal Aviation Administration, and the National Highway Traffic Safety Administration. These offices saw major job cuts under DOGE while Elon remained in government. The White House labeled Elon a “special government employee” back in February, a legal title that softens the ethics rules…
Filed under: News - @ April 23, 2025 5:25 am