Elon Musk Departs DOGE, Impacting Tesla's Stock

Published 2 days agoTSLA

Elon Musk Departs DOGE, Impacting Tesla's Stock

Elon Musk has stepped down from his position at the Department of Government Efficiency (DOGE), a cost-cutting agency created during the Trump administration. His departure marks the end of a tenure characterized by ambitious fiscal goals, including a target to reduce federal spending by $2 trillion, although only $150 billion in cuts were achieved, according to reports from time.com.

Following the news, Tesla's stock has seen a 22% drop, as controversy surrounding Musk's political involvement appears to have weighed on investor sentiment. Currently, Tesla's stock price stands at $348.36, following a decrease of $10.07. The stock's recent performance includes an open price of $355.57 and fluctuations between a high of $363.56 and a low of $345.34 in intraday trading.

With Musk's focus shifting back to his business ventures like X/xAI and Tesla, and plans to minimize political expenditures in future elections, DOGE's future remains uncertain. As Reuters reports, there is speculation that Russell Vought might take over leadership, though some former staffers are skeptical about the agency's sustainability without Musk's involvement.

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