Elon Musk said he will continue to advise President Donald Trump even after stepping away from the Department of Government Efficiency effort he has spearheaded.
“I expect to remain a friend and an adviser, and hopefully, if there’s anything the president wants me to do, I’m at the president’s service,” Musk said alongside Trump during a press conference Friday at the White House. “This is not the end of DOGE, but really the beginning.”
The comments indicate that the chief executive officer of Tesla Inc. and SpaceX plans to remain in the president’s orbit despite vows to pull back from Washington and prioritize his business empire. As the head of DOGE, Musk’s efforts to slash spending and cut government jobs have drawn pushback from federal workers and Democratic lawmakers as well as a consumer backlash to the electric-vehicle company.
The event Friday served to rebut recent media reports of the world’s richest person falling out of favor in Washington, fueled in part by Musk’s criticism of some of the administration’s signature tariff and tax policies. Trump spoke highly of Musk, even gifting him a ceremonial gold key.
“Elon is really not leaving,” Trump said. “He’s going to be back and forth.”
Musk’s divided attention has rattled investors and Wall Street analysts who underestimated the damage being done to Tesla’s brand around the world. As discontent grew over his focus, the billionaire vowed to pull back “significantly” from his government work to devote more time to Tesla as it nears the critical launch of robotaxi service in Austin.
While Tesla’s share price has partly recovered from a deep slide in the first quarter, the fallout has hit Musk’s personal wealth. The stock — a huge source of Musk’s fortune — is down about 14% this year, wiping out roughly $45 billion from his net worth, according to the Bloomberg Billionaires Index.
SpaceX is facing challenges as well, following a mid-flight failure of its crucial Starship rocket earlier this week.
Musk on Friday declined to comment on a report earlier in the day by the New York Times that he used drugs more heavily than previously known while campaigning for Trump’s reelection last year. Musk took ketamine often, as well as Ecstasy and psychedelic mushrooms on occasion, and exhibited erratic behavior, according to the report.
