Trump calls Elon Musk ‘terrific’ ahead of billionaire’s final day in office, announces press conference with him

I am having a Press Conference tomorrow at 1:30 pm EST, with Elon Musk, at the Oval Office. This will be his last day, but not really, because he will, always, be with us, helping all the way. Elon is terrific! See you tomorrow at the White House.

Musk confirmed on Wednesday that he is stepping down from his temporary role in the Trump administration, which has helped ease pressure on Tesla investors. Shares in the electric vehicle company have struggled this year, in part due to backlash over Musk’s political activity, including his vocal support for Trump and right-wing parties in Europe.

Protesters carrying signs and chanting slogans stand outside a Tesla showroom and service center in the North Hollywood section of Los Angeles. (AP photo)

During his time in Washington, Musk led Trump’s Department of Government Efficiency (DOGE), an initiative focused on reducing federal spending and streamlining government operations.

Tensions over Republican spending plans

Despite his alignment with the administration, Musk recently voiced criticism for Trump’s  ‘One Big Beautiful Bill Act (OBBBA) 2025’, saying it undermines the very cost-cutting mission. On Tuesday, he publicly opposed the legislation’s price tag as it advanced through Congress.

Musk has also signaled a retreat from heavy political spending. Last year, he contributed nearly $300 million to Trump’s presidential campaign and other Republican candidates. More recently, however, he pledged to reduce his financial involvement in politics going forward.

(With inputs from Reuters)