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Elon Musk pledges to remain Trump adviser after stepping away from DOGE
By Dana Hull and Gregory Korte
Elon Musk said he would continue to advise President Donald Trump even after stepping away from the Department of Government Efficiency effort he has spearheaded.
'I expect to remain a friend and an adviser, and hopefully, if there's anything the president wants me to do, I'm at the president's service,' Musk said alongside Trump during a press conference Friday at the White House. 'This is not the end of DOGE, but really the beginning.'
The comments indicate that the chief executive officer of Tesla Inc. and SpaceX plans to remain in the president's orbit despite vows to pull back from Washington and prioritize his business empire. As the head of DOGE, Musk's efforts to slash spending and cut government jobs have drawn pushback from federal workers and Democratic lawmakers as well as a consumer backlash to the electric-vehicle company.
The event Friday served to rebut recent media reports of the world's richest person falling out of favor in Washington, fueled in part by Musk's criticism of some of the administration's signature tariff and tax policies. Trump spoke highly of Musk, even gifting him a ceremonial gold key.
'Elon is really not leaving,' Trump said. 'He's going to be back and forth.'
Musk's divided attention has rattled investors and Wall Street analysts who underestimated the damage being done to Tesla's brand around the world. As discontent grew over his focus, the billionaire vowed to pull back 'significantly' from his government work to devote more time to Tesla as it nears the critical launch of robotaxi service in Austin.
While Tesla's share price has partly recovered from a deep slide in the first quarter, the fallout has hit Musk's personal wealth. The stock — a huge source of his fortune — is down about 14% this year, wiping out roughly $45 billion from his net worth, according to the Bloomberg Billionaires Index.
Musk on Friday declined to comment on a report earlier in the day by the New York Times that he used drugs more heavily than previously known while campaigning for Trump's reelection last year. Musk took ketamine often, as well as Ecstasy and psychedelic mushrooms on occasion, and exhibited erratic behavior, according to the report.
Trump, asked Friday night by a reporter if he was aware of Musk's regular drug use, said: 'No I wasn't. I think he's fantastic.'
Asked if he was troubled by the report, Trump responded that he was 'not troubled by anything with Elon' and praised his work for DOGE, saying that he had done a 'great job.'
Largest Donor
Musk, 53, was the largest donor supporting Trump's reelection, giving more than $250 million. As a special government employee under the administration, Musk could keep running his businesses while maintaining an office in the White House. It was a temporary arrangement with the law governing SGEs allowing only 130 days of work a year.
Musk will continue to have Trump's ear, similar to some other high-powered CEOs, but losing the special status is poised to alter the relationship.
Despite pledges to continue, the CEO's time in politics 'is essentially over after this experiment that clearly morphed into brand damage for Tesla and took on a life of its own,' Wedbush analyst Dan Ives said in a note to clients.
Musk has been pushing lawmakers in recent weeks to set up a basic framework for autonomous vehicles, Bloomberg reported, underscoring the overlap between his business interests and government.
During Friday's press conference, ostensibly held to mark the end of Musk's government service, Musk wore a black hat and black t-shirt with the slogan 'The Dogefather.' He also sported a black eye, drawing questions from reporters in the room. Musk said his 5-year-old son, X, had caused it.
'I said go ahead, punch me in the face, and he did,' Musk said. 'I didn't really feel much at the time but I guess it bruises.'
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