Elon Musk Announces Farewell as DOGE's Final Special Government Representative
Elon Musk Steps Down from Department of Government Efficiency
In a surprise move announced on Wednesday, albeit an anticipated one, Elon Musk confirmed his departure from the Department of Government Efficiency (DOGE) - a Trump administration agency he co-founded to combat federal waste. The exit is expected by the end of May, due to the limitations imposed on Special Government Employees. This leaves the agency without any of its original public figures.
Musk praised President Donald Trump for the opportunity to reduce wasteful spending during his tenure at DOGE. The co-founder claims the agency's mission will only strengthen over time. However, DOGE has faced criticism over inflated savings figures, partisan clashes, and a recent spending surge that Musk believes undermines its mission.
Musk served as a Special Government Employee, allowing him to work up to 130 days per year. His departure leaves the agency without its original leaders; fellow billionaire Vivek Ramaswamy had already left in January.
During Musk's time at DOGE, the agency made headlines for its aggressive efforts to cut federal spending. Critics, such as Senator Elizabeth Warren, accused the initiative of being a "venue for corruption." The DOGE team claimed to have saved $175 billion through government cuts, though this figure has been widely disputed.
The fallout from Musk's government involvement has affected his companies negatively. Tesla, for instance, has seen plunging sales, employee unrest, and brand damage. Pension fund leaders have urged Tesla's board to rein in Musk's extracurricular activities, demanding more focus on the EV company.
Rumors of Musk stepping down from DOGE in April boosted his companies' stocks. This week, however, has seen new developments at his companies. The launch of Starship Flight 9 by SpaceX saw the rocket reach space before it disintegrated, traveling further than the company's previous attempts. Neuralink also raised $600 million at a $9 billion valuation. Furthermore, X unveiled "X Money," a limited-access beta digital wallet linked to the platform as part of a long-term push to create an all-in-one app.
While Musk has indicated a reduction in his political involvement, he is not entirely out of politics. He retains a small White House office and commits to "a day or two per week" of government work.
Sources:[1] The Washington Post[2] CNN Business[3] CNBC
- Despite his departure from the Department of Government Efficiency (DOGE), Elon Musk remains engaged in cryptocurrency, as he recently announced X Money, a digital wallet linked to his platform.
- The technology sector, including cryptocurrency and finance, has been closely following Musk's move from government to business, with investments in crypto projects such as Neuralink and the development of X Money.
- In the general news, criticism about the DOGE agency's inflated savings figures, partisan clashes, and spending surge has been debated alongside Musk's success in the cryptocurrency and business world.
- The political landscape has also seen implications from Musk's decisions, with pension fund leaders urging Tesla's board to limit his extracurricular activities and focus on the EV company.
- Alongside the crypto-focused digital wallet, X, Musk is holding onto a smaller white house office and commits to dedicating a day or two per week to government work, signaling a continuation of his political endeavors.
