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    Home»Crypto Market Trends»Elon Musk Steps Down from DOGE Role
    Crypto Market Trends

    Elon Musk Steps Down from DOGE Role

    Team_SimonCryptoBy Team_SimonCryptoMay 29, 2025No Comments2 Mins Read
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    In a Might 29 publish on X, Musk thanked Trump for the chance however referred to as the position an “uphill battle.” He admitted he underestimated how tough it could be to scale back authorities spending and jobs. His 130-day time period as a Particular Authorities Worker was already set to finish on Might 30.

    Musk informed The Washington Put up that the federal system was “a lot worse” than he anticipated and stated he confronted resistance at each flip. In a separate interview with CBS, he criticized a latest tax break package deal handed by Home Republicans, warning it may undo a lot of DOGE’s cost-cutting work.

    DOGE, named after the Dogecoin cryptocurrency, claims to have saved taxpayers $175 billion. Nonetheless, many reviews argue the financial savings are inflated and riddled with errors. The unique objective was to chop $2 trillion, later lowered to $150 billion.

    In response to Reuters, DOGE has minimize almost 12% of the federal workforce—round 260,000 jobs—via layoffs and buyouts.

    Musk additionally admitted in a Might 28 Ars Technica interview that he spent “an excessive amount of time” in politics, presumably affecting Tesla’s efficiency. After he stated he’d scale back his DOGE duties, Tesla inventory jumped over 5% in after-hours buying and selling.

    A lawsuit by 14 states towards Musk and DOGE is transferring ahead, accusing them of overstepping authorized bounds in federal operations.



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