Elon Musk explains that Doge's cost-cutting efforts will help reduce inflation over time.
Tesla's shares skyrocketed in an unconfirmed report that electric car maker CEO Elon Musk could leave the Office of Government Efficiency (DOGE).
Politics, quoting unnamed sources, Reported on Wednesday President Donald Trump informed his cabinet and inside circle that Musk's Doge will soon be coming, poised for Tesla's CEO to move into more supportive roles.
White House press secretary Karoline Leavitt called the report “garbage.”
“Elon Musk and President Trump said that when his incredible work at Doge is completed, Elon will leave public service as a special government employee,” she wrote in X's post.
Tesla CEOs Elon Musk and President Donald Trump will talk to members of the media as they watch Tesla vehicles on the South Lawn of the White House in Washington, DC on March 11th. (Samuel Corum/Sipa/Bloomberg via Getty Images)
The move allows Musk to focus on his business. He includes Tesla as well as X, SpaceX, Neuralink, Xai and the boring company.
The decision was reportedly mutually between Musk and the President. According to Politico, it didn't stem from Trump's complaints about the masked dog work.
The high-tech billionaire led Doge as a “special government employee.” Special government officials are permitted to work for the federal government for up to 130 days a year.
“I think we've achieved most of the work that was needed to reduce the deficit by $1 trillion within that time frame,” Musk said Thursday in an interview with Fox News host Bret Baier after asking if Baier plans to work beyond that period.
Can I do Doge Dent Inflation? Elon Musk says yes
Doge is working to significantly reduce spending and increase efficiency across the federal government, with its goal of cutting spending by $2 trillion. As of Wednesday, the website claimed a total savings of $140 billion.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| TSLA | Tesla Inc. | 252.31 | -0.09 |
-0.04% |
The executive order signed by Trump has been signed to officially create a cost-cutting initiative that Doge appointed him to get the job done by early July next year.
“I think he's amazing, but I think he has a big company to run,” Trump told the media on Monday. “And at some point he's going to go back.”
Elon Musk, a senior White House adviser, will listen at a cabinet meeting held by President Donald Trump at the White House in Washington, DC on March 24th. (Get McNamee / Getty Images / Getty Images)
“I'm protecting him as much as I can protect him. He's a very talented guy. You know, I love very clever people. He's very clever. And he did a good job,” he added.
Doge will hone it with a federal consulting agreement. I want to identify waste
On January 28th, Tesla Model 3 was held at a dealership in Palo Alto, California. (Getty Images/David Paul Morris via Getty Images/Bloomberg)
Musk's Electric Company, which has faced protests and vandalism amid Musk's work at Doge, released its first quarter production and delivery figures on Wednesday.
Tesla pegged its first quarter delivery at 336,681, with production recorded on 362,615 vehicles. Each year, they represent a 13% and 16% decrease, respectively.
