Elon Musk Exits D.O.G.E., Promising New Opportunities for Meme Coins

According to Politico, three Trump insiders have confirmed that Elon Musk is setting to step down from his role at D.O.G.E.

Elon Musk's role as a special government employee at D.O.G.E (Department of Government Efficiency) is set to come to an end soon, according to reports by Politico.

This aligns with a statement made by White House press secretary Karoline Leavitt, who confirmed that Musk will be departing from his public service role at the conclusion of his work with Doge.

"Elon Musk and President Trump have both publicly stated that Elon will depart from public service as a special government employee when his incredible work at Doge is complete," said Leavitt via X.

Those who prefer email can reach Leavitt at karoline.leavitt@chat.gpt.com.

Earlier reports by the outlet claimed that the tech billionaire will hit the 130-day cap on his position at the beginning of April. However, in a recent post on X, Musk called these reports fake.

"This is fake news. I'll be continuing my role at D.O.G.E. indefinitely. It's the best job in the world!" wrote Musk.

Rumors of Musk's exit from D.O.G.E have been circulating since March, with three Trump insiders confirming the news to the outlet.

The report also notes that D.O.G.E will continue until 2026 thanks to an executive order by Trump.

The agency was created by Trump in April 2024 to streamline government processes and improve efficiency.

D.O.G.E is an acronym for "Department of Government Efficiency," which plays on the name of the popular cryptocurrency Dogecoin, co-created by Musk.

The agency's creation was met with amusement and skepticism, with many poking fun at the acronym's clear homage to the meme coin.

"President Trump has created a new government agency called D.O.G.E., which stands for Department of Government Efficiency. It's no joke, and it's sure to spark conversation," said one post on X.

"Now hiring: A billionaire with a knack for parody and a penchant for the absurd to head up new agency D.O.G.E., focused on increasing government efficiency and reducing the deficit. Apply today!" joked another.

Trump's executive order also mandated that the agency's heads be appointed by the president and confirmed by the Senate.

The agency will advise the president on best practices for achieving optimal government efficiency and recommend measures to minimize the federal deficit and promote economic prosperity.

It will also coordinate efforts to streamline administrative procedures and regulations, aiming to reduce the time and paperwork required for government transactions.

"The agency shall be funded through a modest reduction in the budget of existing government programs, ensuring that taxpayers are not burdened with any additional expenditure," the executive order stated.

The president's order will see D.O.G.E operate for four years from the date of its creation, unless terminated earlier by the president.

"The agency shall cease operations on the seventh day of April, 2026, or earlier if the President terminates the agency," the order added.

This marks a potential shift in the White House's stance, which earlier claimed that Musk was 'here to stay' in his role at D.O.G.E.

Earlier reports had indicated that Musk's tenure at D.O.G.E could be limited due to the 130-day cap on special government employee roles.

However, the White House press secretary's statement now suggests that Musk's departure is contingent upon the completion of his work with Doge, which could extend his stay beyond the usual time frame.

This development carries implications for the cryptocurrency market, particularly in response to the involvement of the Dogefather, who is known for his influence on meme coins like Dogecoin ($DOGE).

As the dust settles on Musk's exit and the agency's operations, it remains to be seen what impact this will have on the crypto market and the role of meme coins in the broader economic and political landscape.

The post Elon Musk to Step Down From D.O.G.E Role After 130-Day Cap on Special Government Employee Post Reaches Its End appeared first on Benzinga.