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 a drop in the memecoin DOGE.
Musk held a position as a special government employee, a role limited to 130 days a year, a term that was scheduled to end on May 30. Additionally, he thanked former President Donald Trump on his social media account X for the opportunity to reduce unnecessary spending, and mentioned that the DOGE mission would continue to strengthen over time.
Impact on the cryptocurrency market
Musk's departure follows public criticism of the 'Great Beautiful Bill' proposed by Donald Trump, which includes tax cuts and an increased federal deficit. Musk considered the proposal to contradict the austerity goals set by DOGE.
During his tenure, DOGE. He claimed to have saved $175 billion through program cuts and the layoff of approximately 260,000 public sector employees. However, these figures were questioned by experts and the media, who pointed to inconsistencies and exaggerations in the estimates.
Furthermore, Elon Musk's tenure in government coincided with a decline in Tesla sales and criticism directed at him, leading him to acknowledge excessive political involvement. Musk's departure from the government also had implications for the cryptocurrency market.
The memecoin DOGE, often associated with entrepreneurs, experienced a 30% drop following the announcement. The cryptocurrency market as a whole showed volatility, affected by political and economic uncertainty in the United States.
Despite officially stepping down, Musk stated that he would continue to support the DOGE mission as an informal advisor, comparing his influence to that of spiritual figures who inspire enduring movements.
