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US Treasury Secretary Bessent: Elon Musk completed significant tasks; DOGE will not end with Elon
ByAinvest
Thursday, May 29, 2025 6:13 pm ET1min read
US Treasury Secretary Bessent: Elon Musk completed significant tasks; DOGE will not end with Elon
Elon Musk has officially concluded his tenure as the leader of the Department of Government Efficiency (DOGE), marking the end of his 130-day term as a Special Government Employee under President Donald Trump. Musk's departure follows a period of intense bureaucratic resistance and legal scrutiny, as he faced challenges in reducing federal spending and workforce size [1].During his time at DOGE, Musk oversaw significant changes, including the reduction of 260,000 federal employees through layoffs, buyouts, and early retirements. However, his efforts have been met with criticism and legal challenges. A lawsuit by 14 states alleges constitutional violations and unauthorized access to government data systems [2].
US Treasury Secretary Bessent has assured that DOGE's mission will continue despite Musk's departure. "Elon Musk completed significant tasks during his tenure, and his contributions will not be forgotten," Bessent stated. "DOGE will continue to focus on reducing wasteful spending and improving government efficiency, regardless of who is at the helm."
Musk's exit from DOGE comes as Tesla stock rose 2.4% in Thursday morning trading, indicating a positive market response to the news. Analysts at Wedbush Securities led by Dan Ives noted that Musk's renewed focus on Tesla will likely benefit the company's core operations and shareholder value [1].
Despite the challenges faced by DOGE, Musk's tenure has left a lasting impact on the federal government's approach to efficiency and cost-cutting. The department's reported savings of $175 billion, however, have been disputed by multiple independent audits [2].
As Musk shifts his focus back to Tesla, the company is said to be negotiating a pay package that would lock him in, with Musk promising to continue leading the company for the next five years, barring any unexpected events [1].
References:
[1] https://qz.com/elon-musk-doge-tesla-trump-1851782907
[2] https://thebitjournal.com/elon-musk-exits-doge-after-reaching-legal/
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