On Thursday night, President Donald Trump said that he will host Elon Musk at the White House on Friday to mark the Tesla Inc. (NASDAQ:TSLA) CEO's departure from his official role leading the administration's Department of Government Efficiency.
What Happened: In a post on Truth Social, Trump said, "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. Elon is terrific! See you tomorrow at the White House."
See Also: Ross Gerber Blasts Trump For ';Destroying' Nvidia's China Business -- Gene Munster Says ';Forget About The China Curbs' Because The Chip Giant's Core Business Is ';On Fire'
Why It's Important: Musk's move away from DOGE follows growing scrutiny over possible conflicts of interest and a drop in Tesla's sales.
In an interview earlier this month, the billionaire acknowledged he may have devoted a bit too much time to politics, calling his engagement with government matters a time allocation issue.
Musk's renewed focus on Tesla has reignited optimism among Wall Street analysts. Dan Ives of Wedbush Securities gave a bullish price target of $500, envisioning a potential $2 trillion valuation for the company.
The Tesla CEO's decision to distance himself from DOGE also comes alongside his disapproval of Trump's $3.8 trillion spending plan, which he criticized as disappointing and detrimental to the efforts of DOGE.
Photo Courtesy: RKY Photo on 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.
