Billionaire Elon Musk may soon be stepping down from his role in the White House, according to a Politico report released on Wednesday, which claims that U.S. President Donald Trump has privately shared the news with Cabinet members and other close contacts.
Citing anonymous Trump insiders, the magazine states the U.S. president is pleased with Musk’s work at the Department of Government Efficiency (DOGE) but that both have agreed he would be returning to his business ventures.
Following the news, Tesla shares surged on Wednesday, recovering from a sluggish first quarter. The electric vehicle maker has faced challenges recently, with sales hitting a three-year low amid public backlash against Musk and his policies.
While Musk is expected to take on a supporting role moving forward, no official timeline for his departure has been confirmed.
After the U.S. elections in November 2024, Trump appointed Musk to lead the newly established Department of Government Efficiency (DOGE), aiming to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies.
