Latest news with #costcutting
Yahoo
an hour ago
- Business
- Yahoo
Trump Asked Musk if DOGE Was BS Then Called Him Half ‘Boy'
Even President Donald Trump doubted Elon Musk's ability to cut $1 trillion in federal spending. 'Was it all bulls--t?' Trump asked advisers of Musk's cost-cutting under the Department of Government Efficiency (DOGE), the Wall Street Journal reported in a behind-the-scenes look at the pair's working relationship. Musk pledged to cut $1 trillion from the federal budget but ultimately managed to cut only $170 billion, according to DOGE's own calculations, which have themselves been called into question. Trump was often at odds with Musk. The billionaire's eccentric humor often confused the president, who told his aides that Musk was '50 percent genius, 50 percent boy,' the Journal reported. Musk announced his departure from the White House this week after a contentious tenure marked by mass layoffs, reversals, and court setbacks. Musk frequently butted heads with Trump's staff, according to the Journal, and it escalated to the point that Trump asked White House Chief of Staff Susie Wiles to step up and better manage Musk. Trump didn't even know the exact moment Musk was leaving DOGE until Musk himself posted it on X. Musk has also been less forthcoming with money after giving Trump $288 million during his most recent campaign, the Journal noted. He told Trump's advisers this year that he would give $100 million to groups controlled by the president's team before the 2026 midterms. But as of this week, the money hasn't come in. Musk's four-month stint at the White House also included frequent drug use, according to a bombshell New York Times report. Musk told associates he took ecstasy and magic mushrooms and was a regular ketamine user, which led him to develop severe bladder problems. He also carried a pill case with Adderall, the Times reported. In the wake of the Times report, Republicans and Democrats alike have connected Musk's drug use with his erratic behavior—including his Nazi-like salute during Trump's inauguration and mumbling interviews. Musk's departure from the Trump administration is also fueled by his rapidly plummeting Tesla sales. 'I have to get some heat off me and my companies,' he has said privately, the Wall Street Journal reported. The electric car company's net income dropped by 71 percent in the first quarter. Trump, however, said Musk won't stay away entirely. 'Elon is not really leaving,' Trump said on Friday. 'He's going to be back and forth.'
BreakingNews.ie
10 hours ago
- Entertainment
- BreakingNews.ie
X marks the spot: Bruised Musk says his young son punched him
A bruised Elon Musk explained away a black eye during a White House appearance on Friday by saying that his five-year-old son had punched him in the face while the two were playing around. Mr Musk made the comments during an Oval Office event with Donald Trump marking the end of the billionaire's formal cost-cutting role in the president's administration. Advertisement Mr Musk's visibly bruised right eye caught reporters' attention. Asked about the injury, Mr Musk said he was "horsing around" with his son, who is named X. "And I said, 'Go ahead, punch me in the face.' And he did," Mr Musk said. Mr Trump then interjected. "That was X that did that? ...X could do it. If you knew X." When he was initially asked about the bruise, Mr Musk brushed it off with his usual cryptic humour. "I wasn't anywhere near France," he quipped, referencing a recent incident where president Emmanuel Macron's wife shoved him in the face. Mr Musk said he didn't feel much at the time but it bruised later. The Tesla CEO is leaving the Trump administration after leading a tumultuous cost-cutting drive, during which he upended several federal agencies but ultimately failed to deliver the generational savings he had sought.
Yahoo
10 hours ago
- Business
- Yahoo
Is Your Job 'Quiet Cutting' You? Here's What You Need To Watch Out For.
When a company decides to cut costs, employees are all too familiar with the shrinking budgets and painful layoffs that can follow. But what if instead of a 'reduction in force,' your employer tells you that you are getting a 'reassignment of duties'? Also dubbed as 'quiet cutting,' it's what happens when you lose the role you were hired for, but not your job. And according to a new Wall Street Journal report, this practice is on the rise as more employers, particularly those in tech, are doling out these reassignments to frustrated employees. The article cited data from financial research platform AlphaSense, which found that the mention of 'reassignment' terms have more than tripled during company earnings calls between last August and this month. 'It's something I've definitely dealt with this summer, and within the last few weeks, for sure,' Peter Rahbar, an employment attorney and founder of the New York-based law firm The Rahbar Group, told HuffPost. 'I've had some clients who have been a victim to these types of reassignment changes.' After a reassignment, it can be hard to tell what your future holds. The good news is that you still have a job, and the stability and paycheck that affords you. But the bad news is that you're in a role that you did not get hired for. 'The messaging that I have heard is, 'You have to take it or leave it. And it's your choice.' So there is no severance language around getting some sort of compensation,' said Nadia De Ala, founder of Real You Leadership, a group coaching program for women of color. Bonnie Dilber, a recruiting manager with app-automation company Zapier, said these kind of reassignments can happen for roles that have transferable skills like recruiters, sales or support that also have natural ebbs and flows in their work streams. 'If you don't have enough work to do and your employer chooses to find other ways to keep you employed, that's a good sign from my perspective,' Dilber said. 'It means they are trying to avoid a layoff. At the same time, at some point, it may not make sense to keep people doing other projects other than what they were hired to do long-term.' That's why it could be a signal to get your resume ready, in her view. 'I would probably view this as a sign of potential trouble while also appreciating the opportunity to remain employed. I would probably start exploring options and putting out feelers just in case,' Dilber said. But in a lot of cases, it could have no benefits and may just be a way of pushing you to quit. Rahbar said the practice of 'quiet cutting' is not new to this summer, and one of the main reasons it happens is so that the company can avoid paying severance to employees. 'Many major companies in the U.S. have done many rounds of layoffs within the past year and a half, like they're reluctant to spend more money on severance, particularly with people they just hired,' he said. One other reason you could be getting reassigned? It might be because the person who used to do the work is gone. Eddiana Rosen, a human resources specialist with recruiting experience who coaches job seekers, said that 'quiet cuts' can happen after department layoffs and 'those left behind now are picking up the extra work of those that were let go.' In these cases, whether or not you can thrive after a 'quiet cut' can depend on if you are being set up for success or if you're being set up to do more work with less resources. 'It could truly be temporary and that will depend on the relationship you have with your manager. And it can also be that the more you do without asking for compensation or title changes, the more [the] company will squeeze,' Rosen said. Rosen said that this kind of 'squeeze' happened to her once in her career. 'I spoke up, but in reality, the company saw how much I did and it was not in their best interest to change it for my benefit so the only way to 'fix it,' in my situation, was to leave,' she said. In a best-case scenario, a 'quiet cut' lets you grow into a role you've been wanting to try out anyways. 'You build new skills and can even add a new job title to your resume if you're in another role for a meaningful period of time,' Dilber said. At the same time, if it's happening suddenly without your feedback, that's not a good sign. In fact, if it makes your job worse and you feel like you have no choice but to quit your job to advance your career, you may not just be getting 'quiet cut' –– you could be getting 'quiet fired.' 'If this happens against your will, into an area where you're not set up for success, or is a way of significantly lowering your responsibilities, then it could signal some sort of trouble and I might find myself worried that I'm being managed out,'' Dilber said. 'I don't see it as ever being a good thing for an employee,' Rahbar said, noting that it can be a sign that you are seen as expendable. 'If it were to happen to me, the first thing I would do is probably start my job search immediately for something that did suit my skills where I would be a better fit.' Many of us are at-will employees that can be fired at any time and have our duties changed without our input. 'Generally, employers are free to reassign workers so long as they do not violate an employment contract or union agreement in the process,' said California-based employment attorney Ryan Stygar. But employees still have rights, especially if you believe the reassignment is retaliatory. 'Employers could just simply move you to another job with notice, without notice, with reason or without reason. And the only thing is they can't do it for an illegal or discriminatory reason,' Rahbar said. In the context of 'quiet cutting,' Stygar said to watch out for subtle signs like a change in title, change in job duties, or a reduction in hours, pay, benefits or even perks you usually enjoyed. Rahbar said it can help an employment lawyer if you can figure out who else got a reassignment. 'Did this happen to anyone else on your team? Did this happen to anyone else in your bigger group or division? Is it just happening to a particular gender?' Rahbar said you should try to find out. And look at the timing of when the reassignment happened to see if it's retaliation. If 'the new assignment is significantly inferior in pay, seniority, or work conditions, then it can be considered retaliatory if this is done shortly after a protected activity,' Stygar said. 'We see this most often when someone returns to work after disability or maternity leave. The employer may be angry about having to accommodate you, so to punish you and send a message to other employees, they will [discreetly] eliminate important job duties and responsibilities in a way that cuts your pay and diminishes your standing in the organization.' In other words, if you are getting reassigned after taking protected leave, or complaining about harassment or missing wages, then it's time to talk to an employment lawyer, Stygar said. A 'quiet cut' gives an employer the upper hand, but it's your career. Your employer can decide what job they think is best for their bottom line, but so can you. 'If you are looking for an opportunity to quiet quit, this is the time,' De Ala said. 'This is a really great time for you to think about whether you want to stay or leave your company.' And while you're deciding what to do next, ask questions. Ask what opportunities exist and how your performance can be improved in your new position, Rahbar said. Advocate to get clarity about this transition. 'How did they make this decision? How will they be handling your transition and supporting you for success?' De Ala said to ask your manager. Ultimately you get to decide if the reassignment is a good move for your career, no matter how your boss is pitching it. 'If it's putting you into a field that you dislike or you don't feel supported and set up for success, it could hurt you, regardless of your employer's intentions,' Dilber said. You Could Be 'Quiet Quitting' At Work And Not Even Know It 5 Signs You Are Being 'Quiet Fired' From Your Job You May Get A 'Quiet Promotion' And Not Realize Until It's Too Late
Asharq Al-Awsat
18 hours ago
- Business
- Asharq Al-Awsat
Trump, Musk Offer Show of Unity as Tesla CEO Departs Government
US President Donald Trump said on Friday that billionaire Elon Musk will remain a close adviser, after the Tesla CEO ended a chaotic four-month stint leading the administration's sweeping cost-cutting campaign. During a farewell event in the Oval Office, Trump lauded Musk's work as the head of the Department of Government Efficiency, which has eliminated thousands of jobs and canceled billions of dollars in spending - including the majority of US foreign aid - but has so far fallen short of Musk's lofty initial promises. "Elon is really not leaving. He's going to be back and forth," Trump said from behind the Resolute Desk, as Musk stood to his right, wearing a black DOGE hat and a T-shirt that read "The Dogefather" in the style of the movie "The Godfather." Musk announced this week he would be departing the administration at the end of his 130-day mandate as a special government employee, which was set to expire around May 30. The world's richest man - who spent nearly $300 million in 2024 to help Trump and other Republicans get elected - exerted enormous power during the first few weeks of Trump's term. DOGE upended the federal bureaucracy, dismantling agencies, shutting down long-standing programs and issuing sweeping mandates with little warning, resulting in tens of thousands of layoffs. But his influence at the White House appeared to wane amid complaints from cabinet members about his approach. At the same time, he faced mounting pressure from shareholders worried that his expanding political role was becoming a liability for his companies. Widespread anti-Musk protests at Tesla outlets across the US and Europe contributed to declining sales and a drop in the company's stock price. Other ventures in his sprawling empire, including SpaceX and Starlink, were expected to benefit but also came under scrutiny from his close ties to Trump. Friday's White House event was intended as a show of unity after Musk prompted frustration among White House officials this week by criticizing Trump's sweeping tax and spending bill as too expensive. Some senior aides, including Deputy Chief of Staff Stephen Miller and Chief of Staff Susie Wiles, saw Musk's remarks on the tax bill as an open break from the administration, with Miller particularly irked by the comments, a source familiar with the matter said. According to Reuters, Trump presented Musk with a large golden key inside a wooden box bearing his signature, a gift he said he reserved only for "very special people." "He had to go through the slings and arrows, which is a shame because he's an incredible patriot," Trump said. Musk, in turn, admired the gold finishings that Trump has installed around the Oval Office and explained away a bruised eye by saying his 5-year-old son had punched him in the face while the two were playing around. In addition to saying he would direct more of his energy toward his businesses, Musk has also said he plans to ratchet back his political donations. On Friday, he told reporters he would remain part of Trump's circle of advisers. "I expect to remain a friend and an adviser, and certainly, if there's anything the president wants me to do, I'm at the president's service," he said. CUTS FALL SHORT Musk initially claimed DOGE would slash at least $2 trillion in federal spending. DOGE now estimates it has saved $175 billion, but the details posted on its website, where it gives the only public accounting of those changes, add up to less than half of that figure. US Treasury summaries reviewed by Reuters show that the agencies targeted by DOGE have cut about $19 billion in combined spending compared to the same period last year, far below Musk's original target and amounting to just about 0.5% of total federal expenditures. Trump and DOGE have managed to cut nearly 12%, or 260,000, of the 2.3 million-strong federal civilian workforce largely through threats of firings, buyouts and early retirement offers, a Reuters review of agency departures found. Musk said on Friday that downsizing the government had proven more difficult than he expected, blaming what he called the "banal evil of bureaucracy." Even so, he expressed confidence that DOGE would eventually achieve much deeper savings. "This is not the end of DOGE but really the beginning," he said.
New York Times
a day ago
- Business
- New York Times
Assessing Trump's Send-Off for Elon Musk
President Trump celebrated Elon Musk on Friday as the billionaire's tenure as the White House's chief cost cutter was ending. The gathering, styled as a news conference in the Oval Office, signaled an end to a remarkable period of upheaval across the federal bureaucracy, supervised by Mr. Musk and the initiative he led, the Department of Government Efficiency. 'Elon has worked tirelessly, helping lead the most sweeping and consequential government reform program in generations,' Mr. Trump said, omitting that Mr. Musk fell far short of an oft-stated goal of achieving $1 trillion in savings. Here's a fact-check of some of their claims. What Was Said 'We'll remember you as we announce billions of dollars of extra waste, fraud and abuse.'— Mr. Trump This is exaggerated. In listing a litany of contracts and grants canceled by the cost-cutting initiative, Mr. Trump misrepresented several of them and omitted context about others. He repeated the misleading claim that the Department of Government Efficiency eliminated a payment of '$59 million to a hotel in New York City' to house unauthorized migrants. The figure is the amount for a federal grant awarded to the city in the 2024 fiscal year, not the amount paid to one hotel. Want all of The Times? Subscribe.
