Free Trial

Trump gives Elon Musk an Oval Office sendoff, crediting him with 'colossal change'

President Donald Trump speaks during a news conference with Elon Musk in the Oval Office of the White House, Friday, May 30, 2025, in Washington. (AP Photo/Evan Vucci)

Key Points

  • President Trump lauded Musk for bringing “colossal change” to Washington, calling his work at the Department of Government Efficiency the “most sweeping and consequential government reform effort in generations.”
  • Under Musk’s leadership, thousands of federal employees were fired or pushed out and agencies like the U.S. Agency for International Development were drastically cut, with researchers linking the reductions to hundreds of thousands of deaths.
  • Despite initially targeting $1–2 trillion in federal spending cuts, Musk lowered expectations to $150 billion in the current fiscal year, and the DOGE website’s claim of $175 billion in savings has been questioned for errors.
  • Musk will step down from his government role to refocus on Tesla, SpaceX and X, but both he and Trump say he will continue to advise the administration part-time.
  • MarketBeat previews top five stocks to own in August.
  • Limited Time Offer: Unlock powerful research tools, advanced financial data, and expert insights to help you invest with confidence. Save 50% when you upgrade to MarketBeat All Access during the month of July. Claim your discount here.

WASHINGTON (AP) — President Donald Trump bid farewell to Elon Musk in the Oval Office on Friday, providing a cordial conclusion to a tumultuous tenure for the billionaire entrepreneur.

Musk is leaving his position spearheading the Department of Government Efficiency, and he'll be rededicating himself to running his businesses, including electric automaker Tesla, rocket company SpaceX and social media platform X.

Trump credited Musk with “a colossal change in the old ways of doing business in Washington" and said some of his staff would remain in the administration. Musk, who wore all black, including a T-shirt that said “The Dogefather,” nodded along as the president listed contracts that had been cut under his watch.

“I think the DOGE team is doing an incredible job," Musk said after accepting a ceremonial key from the president. "They're going to continue to be doing an incredible job.”

He left a searing mark on the federal bureaucracy, including thousands of employees who were fired or pushed out. Some government functions were eviscerated, such as the U.S. Agency for International Development, which had provided a lifeline for impoverished people around the world. Boston University researchers estimate that hundreds of thousands of people have already died as a result of the cuts.

The State Department responded by saying most of USAID's programs on HIV, known as PEPFAR, remained operational. However, the statement did not address any of the other cuts while calling on “other nations to dramatically increase their humanitarian efforts.”

Despite the upheaval, Musk also fell far short of his goals. After promising to cut $1 trillion or even $2 trillion in federal spending, he lowered expectations to only $150 billion in the current fiscal year.

It's unclear whether that target has been hit. The DOGE website tallies $175 billion in savings, but its information has been riddled with errors and embellishments.

Musk had a bruise next to his right eye in the Oval Office, which he explained by saying he had been “horsing around” with his young son.

“I said, go ahead punch me in the face,” he said. “And he did.”

Trump said Musk had led the “most sweeping and consequential government reform effort in generations." He suggested that Musk is “really not leaving” and “he's going to be back and forth” to keep tabs on what's happening in the administration.

There were signs, however, that attention was already shifting away from Musk, who once appeared omnipresent in Washington. He often stood quietly next to Trump as reporters peppered him with questions about the French president (he's great), Joe Biden's autopen (it's bad) and the potential for pardoning Sean “Diddy” Combs (he'll look at the facts).

When Musk was asked about the impact of tariffs on Tesla — something Musk has expressed concerns about in the past — Trump jumped in to answer.

Musk, the world's richest person, recently said he would reduce his political donations. He was Trump's top donor in last year's presidential campaign.

Trump appeared eager to end Musk's service on a high note.

“This will be his last day, but not really, because he will, always, be with us, helping all the way," Trump wrote on social media on Thursday evening. "Elon is terrific!"

As a special government employee, Musk's position was designed to be temporary. However, he had speculated about staying “indefinitely,” working part time for the administration, if Trump still wanted his help.

Musk has brushed off questions about how DOGE would continue without him, even suggesting it could “gain momentum” in the future.

“DOGE is a way of life,” he told reporters recently. “Like Buddhism.”

____

Associated Press writer Ellen Knickmeyer contributed to this report.

Where Should You Invest $1,000 Right Now?

Before you make your next trade, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.

Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.

They believe these five stocks are the five best companies for investors to buy now...

See The Five Stocks Here

5G Stocks: The Path Forward is Profitable Cover

Enter your email address and we'll send you MarketBeat's guide to investing in 5G and which 5G stocks show the most promise.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

Pelosi Makes Big Bet on Broadcom—Here’s Why It Matters
This Strategy Beat the S&P—And Most Investors Ignore It
NVDA Greenlight: China Sales Spark 50% Rally Potential

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines