Elon Musk is leaving his post at the Department of Government Efficiency (DOGE), a White House initiative aimed at cutting federal spending and jobs.
His exit comes as his 130-day term as a Special Government Employee nears its legal end on May 30.
Musk confirmed in a May 29 post on X, where he thanked President Donald Trump for the opportunity to “reduce wasteful spending”. A White House official told Reuters that the off-boarding process would begin that evening.
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According to an interview with CBS, Musk criticized a major tax cut bill passed by House Republicans on May 22, as it would raise the national deficit and work against DOGE’s goals.
In a May 27 interview with The Washington Post, he also stated that the situation within the federal government was more challenging than expected. He described the effort to bring change as an “uphill battle”.
DOGE said it has helped save the public $175 billion since President Trump returned to office on January 20.
However, several media outlets pointed out problems in the math and called the number misleading. Even if correct, the savings fall short of Musk’s original goal of cutting $2 trillion from the federal budget. That goal was later revised to $150 billion.
In a post on X, Musk noted that DOGE’s efforts will “only strengthen over time” and become more common in government operations.
Meanwhile, Brian Armstrong, CEO of the cryptocurrency exchange Coinbase, recently invited former DOGE staff to consider joining the company. What did he say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
