A report by multiple US media outlets on Wednesday suggests that Elon Musk may be stepping down as a special advisor to US President Donald Trump and head of the newly created Office of Government Efficiency (DOGE). According to sources, Trump reportedly told his inner circle that Musk would be leaving in the coming weeks. Both Politico and ABC News, citing multiple insiders, reported on the alleged conversation.
The White House initially declined to comment on the reports. However, the rumors had an impact on the stock market, with Tesla’s share price rising significantly within hours. The company’s stock had been in a downward trend, but after the Politico report, it rose nearly four percent, having previously been down six percent on Tuesday.
Politico reported that both Trump and Musk had decided in recent days that Musk would soon return to his companies. Later, White House Press Secretary Karoline Leavitt described the report as “garbage”. “Elon Musk and President Trump have both publicly said that Elon will step back from his public service as a special government employee when his work at DOGE is complete” Leavitt added.