Intel stock extends gains after report of possible U.S. government stake
Investing.com-- U.S. President Donald Trump said on Thursday he will hold a press conference with Elon Musk in the Oval Office on Friday, which he said will be the Tesla (NASDAQ:TSLA) CEO’s last day with the administration.
“I am having a Press Conference tomorrow at 1:30 P.M. 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,” Trump said in a post on Truth.social.
Trump’s announcement comes after Musk hinted at his departure from the Trump administration this week, with a slew of reports stating that the White House had begun his off-boarding process.
Reports also said that Musk did not have a formal conversation with Trump before his exit.
While Musk had hinted at an eventual winding down of his government duties earlier this year, his abrupt exit this week comes just days after he criticized a tax cut bill backed by Trump.
Musk’s role in the Trump administration– where he was a special government employee– was considered to be highly divisive, as the Department of Government Efficiency, which was led by Musk and sought to slash fiscal spending, fell well short of its initial goals.
Musk had stated during a Tesla earnings call in April that he would be steadily tapering off his time with the government and bringing focus back to his companies, especially amid heightened investor concerns that he was neglecting his duties at Tesla.
Musk’s actions in the government, which included slashing thousands of federal roles, were also met with ire by the public, which resulted in a sales boycott of Tesla across the country. Tesla facilities and vehicles were also targeted in several acts of arson and vandalism.