Musk withdraws from the Trump administration

On Wednesday local time,fxpro crude oil the U.S. White House confirmed that technology billionaire and Tesla CEO Elon Musk is set to step down from his role as the head of the Department of Government Efficiency (DOGE), marking the end of this Trump ally’s "reform journey" in Washington.

Musk announced on social platform X that his tenure as a “Special Government Employee” is coming to an end, thanking President Trump for the opportunity to push for reforms in government spending and reduce waste. The White House stated that his resignation process will officially commence on the evening of the 28th.

Referring to DOGE as a scapegoat, reform efforts obstructed

Musk was one of the most controversial technology representatives in the Trump administration. The DOGE agency he led was established during Trump’s first term, aimed at exposing fraud and waste within the federal government and optimizing budget usage. However, DOGE has recently come under frequent attack, and Musk himself has expressed strong dissatisfaction.

“DOGE is becoming the scapegoat for all problems,” Musk said in a recent interview, “No matter what happens, even if we have no connection, we are blamed.”

He noted that structural barriers in Washington heavily restricted reform progress, even backfiring on the image and development of his companies. "It's a tough battle," he said.

Tesla entangled, stock price plunges

Musk stated that the divisive atmosphere caused by Trump’s policies made Tesla a victim of political storms. Some people projected their discontent with Trump onto Tesla, resulting in vandalism, arson, and shootings targeting the brand’s vehicles in various locations, leading to a sharp drop in Tesla’s stock price. In April this year, the stock had once dropped over 40% for the year.

“People are burning Tesla cars. Why would you do that? It’s really uncool,” Musk said with a tone of helplessness.

Although Musk recently announced a return to the front lines of business, leading to a noticeable recovery in the stock price, Tesla’s overall stock price has still declined by more than 15% since Trump started his second term.

Rare criticism of Trump legislation, announces withdrawal from politics

Notably, as a long-time ally of Trump, Musk has recently issued rare public criticism of the “Beautiful Great Act” promoted by Trump, stating that the act resulted in increased fiscal deficits and undermined DOGE’s cost-saving achievements. “Frankly, I am disappointed with the massive spending act,” Musk said.

He also announced his withdrawal from the political donation stage. “I have invested hundreds of millions in the 2024 elections, but now I have decided to reduce political spending and refocus on business development.”

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.