Elon Musk reportedly planning to quit DOGE amid Tesla crisis

Tech billionaire Elon Musk has hinted at stepping down from his role as head of the Department of Government Efficiency (DOGE) by late May.

Musk was appointed by United States President Donald Trump to lead an aggressive government spending reduction programme.

In an interview on Fox News, the Tesla CEO noted that he has made significant cuts to federal expenditures, bringing them down to approximately $6 trillion.

Moreover, Musk's team has reportedly been slashing waste and fraud at an average rate of $4 billion per day, to reduce the deficit by $1 trillion within 130 days.

Despite criticism, Musk has defended the budget cuts, stating that they are necessary to prevent the collapse of the country’s economy.

The DOGE team, comprising Musk and seven senior advisors, has focused on eliminating inefficiencies across federal agencies.

Musk's efforts coincided with a turbulent period for Tesla, which has been facing nationwide protests, stock declines, and reports of targeting company facilities.

Despite the challenges, Musk remains confident in the future of both the US economy and Tesla, stating that "America will be solvent" and that the company will "do things that no one, I think, has even dreamed of."