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Tesla shares surged over 2.15% in overnight trading to $364 after CEO Elon Musk revealed he is stepping down from his role as Special Government Employee overseeing the Department of Government Efficiency (DOGE) under the Trump administration.
The move follows a 1.65% decline in Tesla stock during regular trading hours on Tuesday, closing at $356.90, according to data from Google Finance.
The billionaire’s brief foray into federal reform had focused on streamlining bureaucracy, but insiders say his efforts were often met with internal resistance. He openly criticized Trump’s tax plan as bloated and counterproductive, and described the federal government’s internal inefficiencies as worse than expected.
Musk said that while his own role has concluded, the mission of DOGE will continue within government operations.
Behind the scenes, Musk reportedly clashed with key White House officials and publicly derided trade adviser Peter Navarro over tariffs. His growing frustration extended beyond domestic politics; Musk also reportedly opposed a deal between OpenAI and Abu Dhabi, objecting to his own AI company’s exclusion.
In an interview with the Washington Post, Musk admitted, “It’s an uphill battle trying to improve things in DC.” He added that DOGE had become a scapegoat for failures within the administration.