Elon Musk declares cessation of involvement in American governmental affairs - Elon Musk declares his departure from the U.S. administration.
Elon Musk Steps Down from U.S. Government Role
Elon Musk, the entrepreneur behind SpaceX and Tesla, has announced his departure from his U.S. government role. In a statement, Musk expressed gratitude to former President Trump for the opportunity to reduce unnecessary spending during his tenure. Despite his exit, Musk asserted that the Doge mission would continue to strengthen in the future.
The announcement comes after Tesla reported significant revenue declines and profit losses in April. The electric vehicle manufacturer experienced a 13% drop in worldwide sales during the first quarter of the year. Amidst these challenges, Musk decided to focus more resources on Tesla given that the "decisive work" for Doge has been completed.
Musk has faced criticism in Europe, particularly in Germany, due to his support for far-right political forces during the Bundestag election campaign. Additionally, his online service X has encountered major issues, and the ninth test flight of SpaceX's giant rocket Starship, founded by Musk, recently suffered a failure.
In a conversation with the Washington Post, Musk claimed that Doge had become a "scapegoat" for government-related dissatisfaction. He also criticized a budget bill from the Trump administration. During Trump's time in office, Musk served as a driving force behind Doge, advocating for significant cost and personnel cuts within the U.S. government apparatus. However, he invested more than $235 million in Trump's election campaign, and his political spending is expected to decrease in the future, although he did not rule out supporting projects if he finds a compelling reason to do so.
It's worth noting that Elon Musk played a brief role as an adviser for the Trump administration, lasting approximately 130 days. The extent to which this brief stint impacted Tesla's performance is not explicitly stated in available sources. Yet, Elon Musk's public leadership and strategic decisions are likely to have a greater influence on Tesla's growth and stock performance.
Elon Musk's departure from his U.S. government role could potentially shift his focus towards gadgets and smartphones, as he is the mastermind behind SpaceX and Tesla. However, his exit comes at a time when Tesla is grappling with revenue declines and profit losses.
Musk's departure from politics might allow him to devote more time to technology, specifically war-and-conflicts and policy-and-legislation, areas where he was instrumental in cost-cutting initiatives during Trump's presidency. On the other hand, Musk has faced criticism in general-news landscapes for his support of controversial political figures.
With Tesla's growth and stock performance reliant on Musk's strategic decisions, it remains to be seen how his reduced political spending will impact these areas. Crime-and-justice observers will be watching closely, as Musk's past actions and investments have significant ramifications.
