Elon Musk leaves DOGE as job was ‘uphill battle’

Elon Musk confirmed that he’s quitting as the White House’s government cost-cutting czar after admitting it was an “uphill battle” trying to slash federal jobs and programs.Musk’s status as a Special Government Employee leading the Department of Government Efficiency (DOGE) meant that by law, he could only serve for a maximum of 130 days, which was set to finish on May 30.Musk confirmed his exit in a May 29 X post, thanking President Donald Trump “for the opportunity to reduce wasteful spending.” Reuters reported that a White House official said his “off-boarding will begin tonight.”Musk told The Washington Post for a May 27 report that the “federal bureaucracy situation is much worse” than he expected, and it was “an uphill battle trying to improve things in DC, to say the least.”In separate comments to CBS, Musk criticized the multi-trillion-dollar tax break package that House Republicans approved on May 22, claiming it would increase the budget deficit and undermine the work that DOGE is doing.DOGE, which is named after the cryptocurrency, claims to have saved taxpayers $175 billion since Trump’s Jan. 20 return to the White House, a figure heavily disputed by multiple news outlets, which report the figures are overstated, have multiple errors and are inaccurate.The project’s claimed savings are only 8.5% of Musk’s initial ambition to cut $2 trillion from the federal budget, which he later revised down to $150 billion.According to the Reuters report, DOGE has cut almost 12%, or 260,000, of the 2.3 million federal workforce through layoffs, buyouts and early retirement offers.Despite the criticisms, Musk said on X that DOGE’s mission will “only strengthen over time as it becomes a way of life throughout the government.”Source: Elon MuskIt comes as a federal judge allowed a lawsuit to proceed that accuses Musk and DOGE of illegally exerting power over government operations.The lawsuit, filed by 14 states, alleged that Musk and DOGE violated the Constitution by illegally accessing government data systems, terminating federal employees and canceling contracts at federal agencies.Musk admits he spent too much time in politicsIn a May 28 interview with Ars Technica, Musk, the CEO of EV maker Tesla, admitted that he spent “a bit too much time” in politics, which some critics claim has impacted Tesla’s performance.“I think I probably did spend a bit too much time on politics,” Musk said. However, he added that the time he spent on DOGE wasn’t as significant as many believed, and he blamed media coverage for overrepresenting his involvement.“It’s not like I left the companies. It was just relative time allocation that probably was a little too high on the government side, and I’ve reduced that significantly in recent weeks.”When Musk announced in Tesla’s first quarter report that his time spent on DOGE would drop significantly in May, Tesla (TSLA) shares rose over 5% in after-hours trading, despite the company reporting an 80% drop in net income.As of March 31, Tesla still held 11,509 Bitcoin (BTC), currently valued at about $1.24 billion.Related: Musk confirms X Money beta testing ahead of planned 2025 launchTesla shares are still down 5.9% year to date, in part due to Musk diverting his attention away from the company and Tesla’s sales falling considerably in the first quarter.However, the fall is in line with other Big Tech firms, including Apple (AAPL), Nvidia (NVDA), Amazon (AMZN) and Google (GOOG), which are also in the red in 2025.Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fightWeiter zum vollständigen Artikel bei Cointelegraph Weiter zum vollständigen Artikel bei CointelegraphWeiter zum vollständigen Artikel bei Cointelegraph Weiter zum vollständigen Artikel bei Cointelegraph