Donald Trump tells Cabinet, others that Elon Musk will leave soon, Politico reports

U.S. President Donald Trump has told members of his Cabinet and other close contacts that his billionaire ally Elon Musk will soon step back from his government role, Politico reported on Wednesday (April 2, 2025), citing three people close to Mr. Trump.

Representatives for the White House, the Musk-led task force and Mr. Musk did not immediately respond to requests for comment on the report.

Shares of some companies, including government contracting companies, rose following the report. Shares of Mr. Musk’s Tesla, which were down 2% in early trading after a sharper-than-expected fall in first-quarter deliveries, reversed course and were up 3%.