Elon Musk, the CEO of Tesla and SpaceX, announced on Tuesday that he is stepping back from his involvement with the White House. This decision follows a period of close collaboration with the administration’s DOGE office, which aimed to reduce government spending.
Key Points
- Musk expressed gratitude to President Donald Trump for the opportunity to work together on this initiative but did not provide details about their partnership in a public statement.
- At an event hosted by The Wall Street Journal’s CEO Council Summit in Washington D.C., Musk mentioned that he is "spending 24/7 at work," suggesting that his return to a demanding schedule may be related to his decision to step back from White House involvement.
Background on the DOGE Office
- The DOGE office was established as part of an executive order signed by Trump in January 2023.
- The order aimed to reduce government spending by $100 billion over two years and create new jobs through private sector investment.
- The initiative has faced criticism for its lack of transparency and accountability.
Musk’s Involvement with Cryptocurrency
- During his time at the White House, Musk has been involved with various initiatives related to cryptocurrency and digital assets.
- He has been vocal about his support for Bitcoin (BTC) and other cryptocurrencies.
Impact of Musk’s Decision
- It remains unclear what prompted Musk’s decision to step back from White House involvement or what impact this will have on future initiatives related to cryptocurrency regulation or adoption.
- Following Musk’s announcement, Tesla shares were down 1% in premarket trading.
Scrutiny Over Twitter Usage
- The news comes as Musk faces growing scrutiny over his Twitter usage after being banned from using social media platforms, including Facebook Inc.’s Instagram and Meta Platforms Inc.’s X app, due to restrictions imposed by Meta Chief Executive Mark Zuckerberg last month.
- Concerns have been raised about misinformation spread through tweets posted under Musk’s name but written by others.
Additional Developments
- Despite the restrictions, Twitter users can still find posts under Musk’s name, even if they were written by someone else, according to sources familiar with the matter.
- Musk tweeted several times on Tuesday morning, stating he was working hard but did not address the Twitter usage restrictions imposed last week.
- Tesla stock fell more than 2% on Monday after billionaire investor Carl Icahn disclosed buying nearly $1 billion worth of shares, making him one of the largest shareholders, while also stating that the company needs better leadership. Icahn now owns more than $4 billion worth of Tesla shares.
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