Elon Musk has now reportedly announced plans to significantly reduce his involvement with the Department of Government Efficiency (DOGE) initiative, a role he has held during Donald Trump’s presidency.
During a recent earnings call for Tesla, Musk indicated that the initial groundwork for the DOGE team is largely complete, allowing him to refocus on his electric vehicle and energy company.
Musk stated, “Starting probably in May, my time allocation to DOGE will drop significantly,” and confirmed he would be dedicating more time to Tesla while maintaining a presence at DOGE for a couple of days each week for the remainder of Trump’s term.
He emphasized his commitment to assisting the administration as long as it is needed.
Despite Musk’s reduced engagement, he highlighted the initiative’s progress in addressing the U.S. national debt, which is nearing $37 trillion.
The DOGE program has reportedly achieved estimated savings of $160 billion through cuts to federal programs and jobs.
However, Musk’s involvement has not been without controversy, facing protests at Tesla locations and other incidents that have drawn attention from law enforcement.
In light of Tesla reporting a significant 71% drop in earnings compared to the previous year, Musk’s reassurance to investors about his focus returning to the company was well-received, with shares rising approximately 5% in after-hours trading.
Analyst Dan Ives noted that the market needed this confirmation regarding Musk’s commitment to Tesla.
Musk acknowledged the pushback DOGE has received, stating that those benefiting from wasteful spending are likely to oppose the initiative.
Despite the challenges, he believes the work done through DOGE is crucial for addressing the nation’s fiscal issues.
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