In a stunning turn of events, Elon Musk has announced his official departure from the Trump administration, citing mounting pressure from Tesla’s plummeting stock and a 71% drop in the company’s net profits in Q1 2025. The announcement comes amid growing backlash over Musk’s dual role as CEO of Tesla and head of the Department of Government Efficiency (DOGE), a position he held under President Trump’s administration. Tesla’s stock has lost nearly half its value since December 2024, and the company reported a 9% decline in revenue, with operating margins contracting and costs rising.

​

Musk had been spearheading efforts to streamline government operations, including significant cuts to public sector jobs and the closure of agencies like USAID. However, these actions have faced widespread criticism and have reportedly damaged Tesla’s public image, leading to boycotts, vandalism at Tesla stores, and a loss of market share. Despite rumors of his resignation, Musk has stated he will continue to collaborate with the government in a reduced capacity while focusing on stabilizing Tesla.

​

In the cryptocurrency market, Dogecoin (DOGE) has also suffered significant losses. Analysts predict the meme coin could fall to $0.15, marking a 68% decline from its recent highs. The downturn is attributed to a broader market sell-off and declining investor confidence.

The convergence of these events has led to a perfect storm for Musk, Tesla, and Dogecoin, raising questions about the sustainability of his ventures and the future of his various enterprises.​