Outlook Business Desk
Elon Musk’s role as a special government employee allowed him to serve only 130 days within a year, and May 30 marked his final day. However, President Donald Trump suggested that Musk will continue to be involved in some capacity.
Trump called Musk “one of the greatest business leaders and innovators the world has ever produced.” He thanked Musk for using his talents in the service of the country during his time.
On Friday, Trump bid farewell to Musk, his adviser and head of the Department of Government Efficiency (DOGE), while praising the key accomplishments made under Musk’s leadership including wasteful spending.
Among the cuts is $101mn allocated to Diversity, Equity and Inclusion (DEI) programs within the Department of Education, which the administration deemed unnecessary.
The administration also eliminated $45mn designated for DEI scholarships in Burma, considering it an inefficient use of taxpayer funds.
A $42mn budget for social and behavioural change campaigns in Uganda was cut, labelled as non-essential foreign aid. Similarly, the $20mn production of an Arabic Sesame Street was discontinued, also deemed a non-critical expense.
The administration cut $59mn previously spent on hotel rooms for illegal immigrants in New York City, calling it a misallocation of resources. Additionally, an $8mn research project focused on "making mice transgender" was terminated, calling it a frivolous scientific spending.
The Tesla CEO initially stated that DOGE would cut at least $2trn in federal spending. Now, four months into the initiative, DOGE reports it has saved $175bn so far.
Elon Musk’s net worth plunged by around $121 bn—from $464 bn in Dec 2024 to $342.4 bn in March 2025—mainly due to a 45% drop in Tesla’s stock. The decline was driven by market volatility and investor concerns tied to his leadership role at DOGE and other factors.