Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk has defended his controversial tenure at the Department of Government Efficiency, stating that it became a scapegoat for everything wrong in Washington.
What Happened: In an interview with CBS’s David Pogue that aired Sunday, Musk said DOGE—created to slash federal spending—was unfairly blamed for problems it didn’t cause.
“It’s a bit unfair … DOGE became the whipping boy for everything,” he told Pogue. “If there was some cut, real or imagined, everyone would blame DOGE.”
Musk’s four-month stint running DOGE included laying off or buying out 250,000 federal employees and slashing funding to agencies. The moves sparked widespread backlash, lawsuits and even violence.
Despite his close ties to President Donald Trump, Musk expressed discomfort with being associated with all administration policies.
“It’s not like I agree with everything the administration does,” stated the Tesla CEO, adding, “I agree with much of what the administration does. But we have differences of opinion … but it’s difficult for me to bring that up in an interview because then it creates a bone of contention.”
“I’m a little stuck in a bind,” Musk continued, ” I don’t wanna, you know, speak up against the administration, but I also don’t wanna take responsibility for everything this administration’s doing.”
Why It’s Important: On Friday, Musk wrapped up his contentious stint as head of the DOGE despite delivering significantly less than the projected cost savings. However, Trump presented him with a golden key to the White House in recognition of his service.
The Tesla CEO’s move to step away from DOGE coincides with his criticism of Trump’s $3.8 trillion spending plan, which he called disappointing and harmful to the department’s goals.
At the same time, his renewed commitment to Tesla has sparked fresh optimism among Wall Street analysts. Wedbush Securities’ Dan Ives set a bullish price target of $500, projecting the company could eventually reach a $2 trillion valuation.
Price Action: Tesla shares fell 3.34% on Friday, closing at $346.46. The stock edged down an additional 0.27% in after-hours trading. Year-to-date, Tesla is down 8.65%, according to Benzinga Pro data.
Benzinga Edge Stock Rankings gives Tesla a strong growth score of 91.89%. Click here to see how it compares with other leading stocks.
Photo courtesy: Joshua Sukoff / Shutterstock.com
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
