According to a report from earlier today, US President Donald Trump has informed those closest to him that Tesla’s CEO and current D.O.G.E. leader, Elon Musk, will step back from his political role.
The relationship between the two has gone through a few ups and downs in the past year or so, but the report claims Musk has become a political liability.
Citing sources familiar with the matter, Politico indicated that people from Trump’s administration have become frustrated with Musk’s recent behavior and his unpredictability.
A senior administration official believes Musk will keep an informal role as an adviser and continue to occasionally appear in the White House. Another one said people who believe Musk will disappear completely from the White House landscape are “fooling themselves.”
Musk’s leadership of the so-called Department of Government Efficiency (D.O.G.E.) has led to some controversial results. While the actual slashed spending numbers are still debated, people who have felt the consequences have turned against Musk, and some of his businesses have felt it.
Previously, a Trump administration official outlined Musk’s value and noted that there’s no end in sight for his political role.
Interestingly, today’s report acted as a propeller for BTC gains. The asset stood below $85,000 but shot up to a multi-day peak of just over $87,000 when the news broke.
Musk has had a long history with the cryptocurrency industry, often influencing big price moves with some of his comments. Trump has become the first supportive US president of BTC and (some) altcoins but both the crypto and stock markets reacted well to Musk’s potential departure.
However, more volatility is expected later today when Trump’s new tariffs will be announced in what he calls ‘Liberation Day.’
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