Zinger Key Points
- Musk plans to step back from day-to-day management, saying DOGE has settled into a “rhythm” and can operate with less of his oversight.
- “Is Buddha needed for Buddhism?” Musk says, referencing DOGE’s future without him.
- Today's manic market swings are creating the perfect setup for Matt’s next volatility trade. Get his next trade alert for free, right here.
Tesla, Inc. TSLA CEO Elon Musk told reporters on Wednesday evening that he intends to keep a foothold in Washington, even as he scales back his direct involvement with the Department of Government Efficiency to refocus on Tesla.
What To Know: Musk became a central figure in President Donald Trump's White House during the first 100 days while overseeing sweeping federal budget cuts and layoffs that energized Republicans but triggered public protests, including some targeting Tesla.
He now plans to step back from day-to-day management, saying DOGE has settled into a "rhythm" and can operate with less of his constant oversight.
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In a Wednesday evening conversation with reporters, Musk likened DOGE to a "way of life, like Buddhism," and said he is confident that the systems put in place can endure, even as he shifts focus back to his businesses.
"Is Buddha needed for Buddhism?" Musk mused, referencing DOGE's future without him.
Musk plans to take a step back, but remain involved with DOGE working one or two days a week and keeping a small office in the West Wing office which he described as "tiny" with "the biggest monitor," but "a view of nothing."
The Tesla and SpaceX CEO said he expects the administration's drive for spending cuts could last through Trump's term, although DOGE's official mandate runs until July 4, 2026.
"DOGE will remain as long as the president wants" Musk said.
What Else: Also on Wednesday evening, the Wall Street Journal reported that Tesla's board of directors had reached out to executive search firms about a month ago to find a new CEO to replace Musk. Tesla has denied the report and said that the assertion that the board reached out to recruitment firms is “false.”
“The CEO of Tesla is Elon Musk and the Board is highly confident in his ability to continue executing on the exciting growth plan ahead,” stated Tesla chairwoman Robyn Denholm.
Last week, Musk told investors he would be spending less time in Washington and return his focus to Tesla amid sliding sales and a declining stock price.
TSLA Stock Price Action: According to data from Benzinga Pro, Tesla shares are up 10% over the past five days.
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