US President Donald Trump's billionaire ally Elon Musk has signalled that he is planning to step down from his cost-cutting role at the Department of Government Efficiency (DOGE) by the end of May after reducing the US deficit by $1 trillion.

In an unexpected turn of events, Elon Musk has announced his intent to step back from his role as the head of the Department of Government Efficiency (DOGE). This comes after an ambitious effort to slash the US deficit by $1 trillion, as detailed during an appearance on Fox News' 'Special Report with Bret Baier'. Leading a team with President Trump's backing, Musk has made bold claims about achieving major federal spending reductions. However, this news comes amidst controversy, notably nationwide protests against Tesla, and several lawsuits against DOGE mention alleged breaches of legal authority and privacy laws. In addition, Musk has stated he's notably over-occupied, handling 17 jobs, highlighting his stretched capacities. Commentary: Elon Musk's move to distance himself from the DOGE program signals potential shifts in both his personal endeavors and his strategic positioning relative to governmental roles. Meanwhile, his remarks at a Wisconsin rally about Dogecoin’s non-integration into government operations, despite the namesake resemblance with the DOGE efficiency initiative, reflect the broader speculative scene around cryptocurrencies. His decisions have sharply impacted Dogecoin prices, accentuating the unpredictable dynamics of crypto markets heavily influenced by high-profile individuals like Musk. This development could prompt wider discussions on efficient government spending and the role of non-traditional figures like Musk in policy domains traditionally managed by career public servants. Nevertheless, the ripple effects of Musk’s public comments on stock and crypto valuations underscore the delicate interplay between public figures’ statements and market performance.