Billionaire entrepreneur Elon Musk is set to step back from his government role under US President Donald Trump, Politico reported on Wednesday, citing three sources familiar with the matter.
Musk, the CEO of Tesla and SpaceX, was appointed as a special government employee tasked with reducing federal spending and restructuring U.S. agencies. According to Politico, both Trump and Musk recently decided that Musk will soon return to his business ventures, though no specific departure date has been disclosed.
Neither the White House nor representatives from Musk’s task force have commented on the report. However, Trump acknowledged Musk’s contributions, telling reporters on Monday, “I think he’s amazing, but I also think he’s got a big company to run. At some point, he’s going to be going back. He wants to.”
Musk’s 130-day term as a government employee is expected to conclude by the end of May. Speaking to Fox News last week, he expressed confidence in completing most of his planned budget cuts, aiming to trim $1 trillion in federal spending.
Following reports of Musk’s impending exit, shares of some government contractors saw gains, while Tesla stock, which had initially declined due to weaker-than-expected deliveries, rebounded by 3%.
Trump and Musk have yet to confirm a precise timeline for Musk’s departure, but signs indicate that his focus will soon shift back to managing his companies.