Elon Musk's departure from the Trump administration led to a 30% drop in DOGE stock.
Elon Musk announced his departure from the Department of Government Efficiency (DOGE) on May 28, after four months of cuts and disputes. He cited difficulties and excessive politics as reasons. This led to the fall of the memecoin DOGE.
Musk served as a special government employee, a role limited to 130 days a year, a period that was set to end on May 30. Additionally, he thanked President Donald Trump on his social media account X for the opportunity to reduce unnecessary expenses, stating that the mission of DOGE would continue to be strengthened over time.
Impact on the cryptocurrency market
Musk's departure comes after public criticism of the 'Great Beautiful Bill' proposed by Donald Trump, which includes tax cuts and increased federal deficit. Musk considered the proposal to be inconsistent with the austerity goals set by DOGE.
During his tenure, DOGE. He claimed to have saved $175 billion through program cuts and the layoff of about 260,000 public sector employees. However, these figures were questioned by experts and the media, who pointed out inconsistencies and exaggerations in the
Furthermore, Elon Musk's tenure in the government coincided with a decline in Tesla sales and criticism directed at him, prompting him to acknowledge excessive political involvement. Musk's departure from the government also had implications for the cryptocurrency market.
The DOGE currency, which is often associated with entrepreneurs, saw a 30% decline after the announcement. The cryptocurrency market as a whole exhibited volatility, affected by political and economic uncertainty in the United States.
Despite officially stepping down, Musk stated that he would continue to support the mission of DOGE as an informal advisor, comparing his influence to that of spiritual figures who inspire movements and persist.
$ETH only dollars persistence