Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk concluded his controversial four-month tenure leading the Department of Government Efficiency (DOGE) on Friday, with President Donald Trump honoring him with a golden key to the White House despite falling far short of promised savings.
What Happened: Speaking alongside Trump in the Oval Office, Musk reflected on DOGE's impact, saying, "The DOGE team will only grow stronger over time. The DOGE influence will only grow stronger. I liken it to a sort of person of Buddhism--it's like a way of life," reported The Guardian.
Created by executive order hours after Trump returned to office, DOGE aimed to slash $1 trillion in federal spending by eliminating bureaucracy and government inefficiencies. However, the initiative has only documented $175 billion in cuts so far, according to its own website.
See Also: Elon Musk Was Once A Microsoft Intern -- Now His Company Is Bringing Grok To Azure: ';Incredibly Important For AI To Be Grounded In Reality,' xAI CEO Tells Satya Nadella
Still, Musk remains confident. "We do expect to achieve over time the trillion dollars of savings," he said. "Say, by the middle of next year, with the support of the president and Congress, could we achieve a trillion dollars of savings? I think so. We're on track to do so."
Trump lauded Musk as a colossal force in disrupting Washington, saying, "He willingly accepted the outrageous abuse and slander and lies and attacks, because he does love our country. I know that very much."
Why It's Important: Musk's brief tenure was marked by aggressive job cuts across federal agencies, the dismantling of USAID and a series of controversial communications, including "fork in the road" resignation emails.
On Friday, Musk and Trump's joint appearance occurred just hours after the New York Times published a report outlining the Tesla CEO's use of ketamine, ecstasy and psychedelic mushrooms during his campaign efforts for the President last year.
Musk's decision to step back from DOGE came after his criticism of Trump's $3.8 trillion spending plan, which he labeled as disappointing and harmful to the progress of DOGE.
In an interview earlier this month, the billionaire also admitted he might have spent more time on politics than he should have, describing his involvement in government affairs as a matter of misallocated time.
Musk's renewed attention to Tesla has also sparked fresh optimism among Wall Street analysts. Dan Ives of Wedbush Securities set a bullish price target of $500, projecting a possible $2 trillion valuation for the company.
Price Action: Tesla shares slipped 3.34% on Friday, closing at $346.46. In after-hours trading, the stock saw a slight decline of 0.27%, according to Benzinga Pro data.
As per Benzinga Edge Stock Rankings, Tesla boasts a growth score of 91.89%. Click here to see how it stacks up against other top-performing stocks.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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