Tesla stock shoots higher on report Musk could soon exit DOGE
Musk leads the Trump's administration's Department of Government Efficiency
Musk says DOGE can help curb inflation
Elon Musk discusses how he thinks DOGE's cost-cutting efforts will help reduce inflation over time.
Tesla’s shares spiked on an unconfirmed report that the electric vehicle maker’s CEO, Elon Musk, may exit the Department of Government Efficiency (DOGE).
Politico, citing unnamed sources, reported Wednesday that President Donald Trump let his Cabinet and inner circle know that Musk's departure from DOGE was coming soon, with the Tesla CEO poised to move to more of a supporting role.
White House press secretary Karoline Leavitt responded to the report, calling it "garbage."
"Elon Musk and President Trump have both *publicly* stated that Elon will depart from public service as a special government employee when his incredible work at DOGE is complete," she wrote in a post on X.
Tesla CEO Elon Musk, left, and President Donald Trump speak to members of the media while looking at Tesla vehicles on the South Lawn of the White House in Washington, D.C., on March 11. (Samuel Corum/Sipa/Bloomberg via Getty Images / Getty Images)
The move would allow Musk to focus on his businesses, which, in addition to Tesla, include X, SpaceX, Neuralink, xAI and The Boring Company.
The decision was reportedly a mutual one between Musk and the president. It did not stem from any dissatisfaction on Trump’s part with Musk’s DOGE work, according to Politico.
The tech billionaire has led DOGE as a "special government employee." Special government employees are allowed to work for the federation government for a maximum of 130 days a year.
"I think we will have accomplished most of the work required to reduce the deficit by a trillion dollars within that timeframe," Musk said Thursday in an interview with Fox News host Bret Baier after Baier inquired whether he planned to work beyond that period.
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DOGE is working to significantly pare back spending and boost efficiency across the federal government, with a goal of reducing spending by $2 trillion. It claimed total estimated savings of $140 billion on its website as of Wednesday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 250.74 | +12.77 | +5.37% |
The executive order that Trump signed to officially create the cost-cutting initiative tasked DOGE with accomplishing its work by early July of next year.
"I think he’s been amazing. But I also think that he’s got a big company to run," Trump said of Musk on Monday to the media. "And so at some point he’s going to be going back."
White House senior adviser Elon Musk listens during a Cabinet meeting held by President Donald Trump at the White House in Washington, D.C., on March 24. (Win McNamee/Getty Images / Getty Images)
"I’d keep him as long as I can keep him. He’s a very talented guy. You know, I love very smart people. He’s very smart. And he’s done a good job," he added.
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A Tesla Model 3 at a dealership in Palo Alto, California, on Jan 28. (David Paul Morris/Bloomberg via Getty Images / Getty Images)
Musk’s electric vehicle company, which has faced protests and vandalism amid Musk’s work at DOGE, released its first-quarter production and delivery figures earlier on Wednesday.
Tesla pegged its first-quarter deliveries at 336,681, while production clocked in at 362,615 vehicles. On an annual basis, those represented 13% and 16% declines, respectively.