Elon Musk has confirmed that he will be stepping back from his role at the Department of Government Efficiency (DOGE), a controversial agency formed under the Trump administration. The move comes as Tesla reports a dramatic 71% drop in profits year-over-year, prompting Musk to refocus his efforts on the company.

Although earlier reports suggested Musk had already exited DOGE, he dismissed these as “fake news” on social media. White House officials later clarified that Musk will continue supporting the agency in a reduced capacity until his obligations are fulfilled.

DOGE, which was created to streamline federal spending, has faced significant criticism for widespread layoffs and aggressive cost-cutting measures. Musk’s involvement brought both visibility and controversy, particularly among government employees impacted by the reforms.

Despite stepping down from a leading role, Musk indicated he may still dedicate one or two days per week to DOGE-related matters if necessary.

Importantly, Musk’s reduced role at DOGE does not mean he is walking away from Dogecoin. While no longer CEO of Twitter, he continues to wield significant influence over the cryptocurrency through public statements and online activity.

In short, Musk’s exit from DOGE marks a shift in his focus, but not an end to his influence—especially in the crypto world.