Musk on Trump's Truth Social: Such an obvious lie. So sad.

Musk on Trump's Truth Social: Such an obvious lie. So sad.

Elon Musk's recent announcement that he would step down from his White House advisory role has sparked interest in the financial community. Musk, who served as a special government employee leading cost-cutting efforts under the Trump administration, cited his desire to focus on his businesses, particularly Tesla and SpaceX, as the primary reason for his departure. His exit follows a series of failed launches by SpaceX and mounting pressure from Tesla shareholders to dedicate more time to the company [1].

Meanwhile, President Donald Trump has announced a press conference with Musk scheduled for Friday at 1:30 pm EST in the Oval Office, where he plans to laud Musk's contributions. This event comes as Musk's role as a special government employee comes to an end. Trump expressed his appreciation for Musk's efforts to reduce wasteful spending and thanked him for his service [1].

In a separate development, Trump Media and Technology Group Corp., the company founded and majority-owned by President Trump, has submitted a registration statement with the U.S. Securities and Exchange Commission (SEC) for the launch of the Truth Social Bitcoin ETF (BT). This ETF seeks to provide investors with direct exposure to bitcoin's price movements through publicly traded shares. The ETF is pending effectiveness of its registration statement and approval of a Form 19b-4 filing with the SEC. Once launched, the shares will be listed on NYSE Arca under a yet-to-be-determined ticker. This move by a Trump-affiliated firm adds a new dynamic to ongoing debates over bitcoin's mainstream legitimacy [2].

The departure of Elon Musk from the White House advisory role and the launch of the Truth Social Bitcoin ETF highlight the evolving landscape of the U.S. government's approach to technology and finance. Musk's focus on his businesses and Trump's foray into the crypto space with the ETF are both significant developments that investors and financial professionals should monitor closely.

References:
[1] https://www.hindustantimes.com/india-news/trump-calls-elon-musk-terrific-announces-joint-presser-at-the-oval-office-on-friday-101748566064882.html
[2] https://api.news.bitcoin.com/wp-json/bcn/v1/post?slug=trump-media-seeks-sec-approval-for-truth-social-bitcoin-etf