- Elon Musk will soon step down from his government role after working on federal budget cuts.
- Trump and Musk mutually decided on his exit, but no exact date has been given.
- Tesla shares rose 3% after the news, reversing early losses.
Billionaire entrepreneur Elon Musk will soon leave his role in the U.S. government, according to a report by Politico. President Donald Trump, who gave Musk the position, has informed members of his Cabinet and other close contacts about the decision.
Musk, who is the CEO of Tesla and SpaceX, was assigned to lead efforts in cutting government spending and closing certain U.S. agencies. Reports suggest that both Musk and Trump recently decided that Musk will soon step back from this responsibility. However, no specific date has been given for his departure.
So far, neither the White House nor Musk’s team has responded to requests for comments on this matter. Meanwhile, the stock market reacted quickly to the news. Shares of Tesla, which initially dropped due to weak quarterly sales, later rose by 3%. Other companies, especially government contractors, also saw an increase in their stock prices.
When asked about Musk’s role, Trump praised him and said that Musk has a major company to manage. Based on his 130-day term, Musk’s time in the government could end by late May. He recently told Fox News that he aimed to cut $1 trillion in federal spending before leaving his position.
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