Bitcoin Price Surges after Reports that Elon Musk will be Stepping Down from his White House Role

Musk’s Role in the White House

Working closely with President Trump, Musk has become the figurehead of a new government department named the Department of Government Efficiency, or Doge. This department, which is focused on cost-cutting, has led to an unprecedented number of layoffs at various agencies. As expected these decisions have met quite polarised responses, with many individuals and companies initiating court challenges of DOGE’s authority.

Musk has made it clear that the name of the Department of Government Efficiency was indeed inspired by his favourite cryptocurrency, Dogecoin. The canine logo for the coin even appeared on the White House website for some time in January. Additionally, the President of the United States has even gone as far as to sell t-shirts featuring himself, Elon Musk, and the dog that has become the face of the meme coin.

Musk’s Departure

An anonymous report from inside the White House was given to Politico and quickly spread globally, revealing the likelihood of Musk’s imminent departure. Although it may seem surprising, Musk’s departure from his position as a close advisor to President Trump should have been expected. There are rules enforced on individuals within their role in the White House that cap their ability to retain their position to 130 days. As such, Musk was always expected to leave by the end of May, despite claims from the president himself that he was here to stay. However, it is clear that the president is fond of his ‘special government employee’ so it is likely we will still be seeing much of Musk, just not in his current position.

The president also commented on how busy Elon Musk is, stating that he has a company to run and admitting that he ‘would keep him as long as I could keep him.

However, despite all of this and the fact that the report has emerged from within the White House itself, it seems that both the president and Elon Musk are denying these claims. Musk has named the report ‘fake news’ a phrase very popular with the current president, and the White House press secretary, Karoline Leavitt, has named the Politico story “garbage” and insisted that Elon Musk would not be leaving his position until his “incredible work as Doge is complete.”