Tech billionaire Elon Musk confirmed on Wednesday (May 28) via his social platform X that he is about to conclude his role as a special government employee in the Trump administration. The White House also confirmed that Musk's departure process is underway on the same evening.
Musk stated in his announcement that as his term comes to an end, he is grateful to President Trump for the opportunity to participate in government work, particularly in efforts to reduce government waste. He emphasized that the "Department of Government Efficiency" (DOGE) he leads will continue to advance relevant reforms.
"As my term as a special government employee comes to an end, I want to thank President Trump for giving me this opportunity to reduce wasteful spending. The mission of DOGE will be continuously strengthened over time and will ultimately become a new norm in government operations."
According to a source familiar with the situation, Musk did not formally communicate with Trump before announcing his departure. The decision was finalized at a senior staff level, and the process was swift and low-key, marking the imminent end of the tech tycoon’s brief role in government, who had previously dubbed himself Trump’s "number one fan."
Musk served as a special advisor for 130 days, with his temporary appointment originally set to expire around May 30. During this time, he was granted rare executive authority to lead reform projects for the Department of Government Efficiency, focusing on cutting redundancies, reducing expenditures, and advocating for efficient governance. Although this position lacked electoral legitimacy, Musk had previously defended his role, claiming it was a "necessary system optimization attempt."
As his departure approaches, there is widespread speculation about whether Musk will continue to engage in political affairs in other forms or refocus on his business ventures.
Behind the Departure: A Tangle of Political Setbacks and Internal Conflicts
Musk's departure was not sudden; he had previously signaled his intention to leave. Earlier this week, Musk strongly criticized Trump's budget proposal, calling it "too large," and expressed dissatisfaction with the government's response to DOGE's reform efforts. He also pointed out that the tax reform plan heavily promoted by Trump was costly and detrimental to the goal of enhancing government efficiency.
In an interview with The Washington Post, Musk candidly stated, "The actual state of the federal bureaucracy is worse than I imagined. I thought there were just some issues, but in reality, trying to push for any improvements in Washington is like swimming upstream."
He also mentioned that DOGE was often used as a "scapegoat" within the White House, becoming a target of criticism when multiple policies faced setbacks.
Additionally, last month, the results of the Wisconsin Supreme Court judge special election were announced, with Democratic-supported liberal judge Susan Crawford winning, meaning Musk's $25 million investment in Republican Brad Schimel's campaign went to waste.
Moreover, Musk's relationships with several cabinet officials within the government were also strained, often leading to disputes over policy differences. For instance, after White House trade advisor Navarro opposed Musk's proposed "zero tariffs" suggestion for the U.S. and Europe, he was mocked as an "idiot."
Last year, Musk invested nearly $300 million to support Trump and Republican candidates, but this month, he expressed regret during an economic forum in Qatar, stating that he would significantly reduce political donations in the future—"I think I've done enough."
During Musk's time in office, Dogecoin (DOGE) surged.
DOGE, which coincidentally shares its abbreviation with Dogecoin, caused a stir in the cryptocurrency community when Musk took office.
Historical data shows that when Trump announced the establishment of the DOGE department last November, Dogecoin's price skyrocketed by 20% in a single day. In January, after the news of Musk's appointment was announced, Dogecoin's price also rose by about 10% within just 24 hours, even sparking discussions among investors about the possibility of Dogecoin's price hitting $1.
At that time, the market generally believed that Dogecoin gained a brief "policy imagination space" due to its "officially borrowed name" and Musk's political halo. On social platform X, the topic "$DOGE" also surged in popularity, briefly topping global trends.
Notably, Musk mentioned "DOGE" several times during his tenure, and although he referred to the department, the cryptocurrency community widely "selectively interpreted" this, intensifying speculative sentiment. Cryptocurrency bloggers rallied, claiming that "Dogecoin is being 'semi-officially recognized' by the government," further driving short-term capital inflow.
However, this surge did not last long; later, as Musk's differences with the government became public, Dogecoin's price quickly fell back, now adjusting to around $0.022, returning to levels before his appointment.
With Musk's departure, will the cryptocurrency community's enthusiasm cool? Dogecoin may lose the "policy fantasy" boost.
Within 12 hours of Musk's official announcement of his impending departure on May 28, Dogecoin's price fluctuated relatively gently, maintaining a range between $0.224 and $0.227. Although there has not been a large-scale sell-off, market sentiment has shown signs of loosening.
Analysts believe that part of Dogecoin's previous valuation premium stemmed from the dual overlap of "policy fantasy" and market expectations of Musk's influence. As Musk leaves the White House, the symbolic significance of his "official position" diminishes, and Dogecoin loses an important narrative support, potentially facing a situation of weakened speculative momentum in the short term.
It is worth noting that although Musk no longer holds an official identity, as the largest "unofficial spokesperson" for Dogecoin in history, his every statement on social media still has the ability to guide the market. Some market views suggest that after his departure, Musk may continue to engage in cryptocurrency issues in a more free capacity, even restarting his public endorsement of Dogecoin.
However, compared to the earlier "meme speculation" period, the current cryptocurrency market has become somewhat dulled to celebrity effects. The future performance of Dogecoin may rely more on developments in technology, expansion of payment scenarios, and other fundamental changes rather than the influence of a single individual.
"Retreating from Politics to Business" to Fully Address Corporate Crises
After exiting the Trump administration, Musk clearly cannot "take it easy"—from Tesla to SpaceX, from social platform X to xAI, various fronts are under pressure, and corporate operational stress has suddenly intensified.
Currently, Tesla's sales are plummeting; the Cybertruck seems to be heading towards "epic failure"; social platform X experienced a massive outage last weekend, and Musk admitted it "urgently needs significant operational improvements"; and just under two weeks ago, xAI's AI model Grok briefly fell into a vortex of far-right conspiracy theories, incessantly discussing so-called "white genocide"; in addition, on Tuesday evening, SpaceX's latest multi-billion dollar launch mission saw the Starship rocket lose control during flight and ultimately disintegrate over the Indian Ocean.
Tesla is the only publicly listed company under Musk's portfolio, and it is facing unprecedented challenges to its growth myth due to the dual pressures of a shrinking European market and poor sales of its core models. To turn the situation around, Musk may need not only to refocus on products but also to rebuild consumer trust.
Musk stated that he has "started working around the clock" again, although this performative "overwork culture" is often scoffed at by the market. However, considering the crises facing his companies and the pressure of managing several troubled enterprises alone, this all-out effort may be necessary.
Musk is now trying to clean up the mess, and the market is watching—whether he can truly stabilize the fundamentals and get his companies back on track.
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