In a move that underscores the deepening ties between business magnates and political leadership in the United States, President Donald Trump has announced a joint press conference with Elon Musk in the Oval Office scheduled for Friday, May 30, at 1.30 pm EST. The high-profile event comes as Musk prepares to formally exit his role as the head of the controversial Department of Government Efficiency (DOGE) and as a special government employee.

Trump made the announcement through his Truth Social platform, stating, Elon will always be with us, helping all the way, signalling a continuing behind-the-scenes role for the Tesla and SpaceX chief even after his formal exit from Washington.

The announcement follows Elon Musk's statement on May 28, where he confirmed stepping down from his White House responsibilities via his own platform, X. In that statement, he expressed growing frustration over DOGE being blamed for government inefficiencies and economic pain, even when it was not directly responsible.

DOGE and Musk’s stormy tenure

The DOGE department, envisioned and led by Musk, was designed to streamline federal operations and drastically cut public spending. However, DOGE’s impact was felt more through disruption than actual accomplishments. The initiative saw thousands of federal employees laid off, entire departments dissolved, and widespread litigation over abrupt terminations and budget slashes.

According to an AP report, many inside Washington found Musk ill-equipped for the rigid frameworks of governance, with the billionaire reportedly clashing with lawmakers, career bureaucrats, and watchdog agencies.

Musk had initially promised to cut $2 trillion from government spending, a number he steadily reduced to $1 trillion, and then $150 billion amid mounting resistance and limited cooperation from federal bodies.

Tesla stock reacts positively

While Musk’s exit from his governmental role has sparked mixed reactions in political circles, investors in Tesla appeared relieved. Shares of the automaker rose by 2 per cent, reflecting market optimism over Musk refocusing on his core business ventures after an extended period of political distraction.

Backlash and political entanglements

Musk’s involvement in U.S. politics has been contentious. In the past year, he reportedly invested nearly $300 million into Trump’s 2024 campaign and other Republican candidates, making him one of the largest private financiers in the current election cycle.

However, this closeness with Trump has not gone down well universally. In both the United States and Europe, Musk has faced strong criticism, particularly over DOGE’s role in cutting government support, slashing social sector funding, and his vocal support for right-wing parties.

His appearance alongside Trump on Friday is expected to draw renewed attention to these political ties, even as the billionaire claims he will now be scaling back his political spending and stepping out of the limelight for a while.

Trump’s take: Musk is not really leaving

Though Musk is stepping away from formal roles, Trump’s remarks suggest a continued informal relationship. Referring to Musk’s departure as his last day, but not really, Trump implied that the billionaire’s influence would endure within the administration.

For Trump, having someone with Musk’s financial and technological clout close to his White House has been strategically advantageous, especially with the 2024 elections drawing near.

DOGE legacy: more disruption than reform

The DOGE department, founded on ambitious goals, failed to meet its major fiscal targets. Despite the promises of a leaner government, the actual deficit reductions fell far short of the stated objectives. The initiative became highly controversial, not just because of its fiscal outcomes but due to its methods—abrupt staff terminations, court battles, and public outrage.

An internal watchdog report, leaked earlier this year, stated that DOGE’s operating model lacked procedural safeguards, leading to chaotic decision-making and legal vulnerabilities.

Musk’s defenders argue that he inherited a bloated and inefficient bureaucracy and tried to bring private-sector discipline into government functioning. Critics, however, call DOGE a failed experiment in authoritarian cost-cutting, with lasting damage to morale within federal agencies.

Fallout within the Republican party

Musk’s decision to criticise Republican tax and budget policies earlier this week has also created ripples within the GOP, which had so far welcomed his involvement and donations. His blunt remarks about ballooning legislative costs and lack of accountability have sparked whispers that not all within the Republican Party are aligned with Musk’s vision for governance.

Despite this, his presence alongside Trump suggests that, for now, the alliance holds—though perhaps with some strategic recalibration on Musk’s part.

SpaceX focus and beyond

In his recent interviews, Musk has indicated a desire to return to a technology and business-first focus, particularly as SpaceX enters a critical phase with upcoming missions. He also hinted at exploring new ventures in AI and robotics, distancing himself from daily political combat.

What to expect from Friday’s press conference

The press conference in the Oval Office is expected to touch upon Musk’s contributions to DOGE, his future involvement with the Trump administration, and potentially, his views on U.S. economic reforms.

It will likely also address Tesla’s future direction, the SpaceX launch timeline, and whether Musk will remain involved in federal advisory capacities.

For the Trump administration, this is a moment to highlight its focus on efficiency and business-centric governance. For Musk, it is a chance to exit with a public vote of thanks, even as he navigates the fallout of his bold but bruising stint in Washington.

The event is anticipated to draw widespread media coverage, with global financial markets and political analysts watching closely for any signs of Musk’s continued shadow presence in U.S. policymaking.

Whether the Trump-Musk partnership was a one-time experiment or the beginning of a new political-industrial paradigm remains to be seen. But for now, as Trump said, Elon is not really leaving—he’s just stepping sideways.

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