For four months of leading the advisory committee of the "Department of Government Efficiency" (DOGE), Tesla CEO Elon Musk has faced criticism and controversy from the United States to the world, and has even drawn violent attacks on his companies. However, at least for now, his close relationship with U.S. President Donald Trump does not seem to have been significantly affected.

Trump held a special "farewell party" for Musk after he stepped down from DOGE, and stated that Musk would not really leave. Musk said that he would continue to be an advisor to the government and was willing to serve at any time.

Trump: Permanently Promote DOGE Budget Cuts, Musk Will Be "A Frequent Visitor"

On May 30th, Eastern Time Friday, Trump held a press conference at the White House to celebrate Musk's resignation from his position in DOGE and end his four-month "civil servant" career.

According to CCTV News, Trump thanked Musk for his contributions during his tenure as a "special government employee." He stated that the government would strive to permanently institutionalize DOGE's policies to cut government spending.

CCTV mentioned that Trump praised the achievements reached under Musk's leadership at DOGE, calling it a recruitment of outstanding talents in the computer field. He also said that many DOGE employees will remain, and almost all of Musk's employees will stay.

Trump personally presented Musk with a golden key as a memento and said:

"Elon actually won't leave. He will be a frequent visitor."

This statement is consistent with Trump's previous comments. On Thursday, he posted on social media that Friday, May 30th, would be Musk's last day working for DOGE, but "not really," because he would always be with them and help them. He continued to praise Musk in this administration, saying, "Elon is amazing!"

The media commented that this "farewell party" effectively refuted recent reports in the media about Musk losing favor. Those reports pointed out that Musk was overlooked in Washington partly due to his criticism of tariffs and taxes, which were hallmark policies of the Trump administration.

Wall Street Insider previously mentioned that Musk publicly criticized "tariff advocate" Navarro in April, advocating for free trade, and even called for zero tariffs between Europe and America. Recently, he also publicly expressed disappointment in an interview with Trump's large-scale tax cuts and spending proposals, stating, "It’s not reducing the budget deficit; it’s increasing it, which undermines the work that the DOGE team is doing."

Musk Says This Is Not the End of DOGE, But the Beginning

According to CCTV, Musk stated that over time, the DOGE team would only become stronger. Even after stepping down from DOGE, he would continue to provide advice to Trump. In the future, he would visit DOGE as a friend and advisor of Trump.

Musk said:

"I hope to continue being a friend and advisor to the president, and if the president wants me to do anything, I will serve him wholeheartedly."

Interestingly, Musk appeared at the press conference wearing a black T-shirt printed with "Dogefather" and declared:

"This is not the end of DOGE, but the beginning."

As he spoke these words, one eye had a noticeable dark circle, giving off a reluctant feeling about leaving DOGE prematurely.

Musk explained to the reporters present that the dark circles were from being hit by his 5-year-old son. "I said, come on, hit my face, and he did. At the time, I didn’t feel anything, but I guess there should be bruising."

From the data perspective, Musk should indeed be dissatisfied with DOGE's current performance.

According to CCTV, Trump signed an executive order on January 20th to establish DOGE, aimed at cutting government spending, with Musk taking the lead. Musk served in DOGE for a total of 130 days.

CCTV mentioned that according to DOGE's official website, by April 20th, the committee had saved approximately $160 billion for the U.S. federal government, which is less than one-fifth of Musk's announced goal of $1 trillion in cuts by the end of May. Despite large-scale layoffs, closures of institutions, contract reductions, and public service cuts, the current administration's expenditures have still increased compared to the same period last year since its term began.

However, Wall Street investors should be very eager for Musk to quickly shift his focus back to Tesla and other companies. Since the beginning of this year, Tesla's brand image has also been affected due to Musk's work at DOGE and his frequent expressions of political inclinations. As of Friday's closing, despite a 22.8% increase in May, Tesla's stock price has cumulatively fallen by 14.2% this year.

Bloomberg's billionaire index shows that due to Tesla stock's significant drop this year, Musk's personal fortune has decreased by approximately $45 billion this year.

Dan Ives, a long-time Tesla supporter and Wedbush analyst who is bullish on Tesla, wrote in a report that although Musk promised on Friday to continue as a government advisor, his political career has essentially ended after clearly damaging Tesla's brand image this year, which has already spiraled out of control.

This article comes from Wall Street Insider. Welcome to download the app for more information.

Original source: https://www.toutiao.com/article/7510402894153712178/

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