Elon Musk Joins Trump Administration as DOGE Head, Tesla Shares Surge

Jan 26, 2025, 01:59 PM

Elon Musk has emerged as a key political figure in Donald Trump's second presidential administration, having spent $277 million of his own funds to support Trump's re-election. Musk now holds a formal role as head of the Department of Government Efficiency (DOGE), where he aims to cut $2 trillion from the U.S. budget, focusing on eliminating diversity, equity, and inclusion initiatives. Tesla shares surged to record highs following Trump's re-election, reflecting investor confidence in Musk's potential financial gains. Musk has also advocated for preserving skilled immigration categories like H1-B visas, despite his broader anti-immigration stance. Tensions have reportedly arisen between Musk and other MAGA figures, including a fallout with DOGE co-lead Vivek Ramaswamy, raising concerns about the stability of his alliance with Trump. Musk's political shift, marked by his embrace of far-right ideologies and controversial online persona, has drawn scrutiny, as has his use of social media to amplify polarizing narratives. Observers suggest that the Musk-Trump partnership could significantly influence U.S. politics and business in the coming years.