• bitcoinBitcoin(BTC)$118,598.000.38%
  • ethereumEthereum(ETH)$3,627.85-1.02%
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  • solanaSolana(SOL)$185.48-6.50%
  • usd-coinUSDC(USDC)$1.00-0.01%
  • dogecoinDogecoin(DOGE)$0.235934-8.35%
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  • cardanoCardano(ADA)$0.80-7.61%
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  • Wrapped stETHWrapped stETH(WSTETH)$4,375.31-1.19%
  • stellarStellar(XLM)$0.419899-10.28%
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  • wrapped-beacon-ethWrapped Beacon ETH(WBETH)$3,895.24-0.68%
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  • hedera-hashgraphHedera(HBAR)$0.241179-9.60%
  • bitcoin-cashBitcoin Cash(BCH)$506.00-3.52%
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  • okbOKB(OKB)$48.15-1.85%
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  • kaspaKaspa(KAS)$0.099422-9.73%
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  • fetch-aiArtificial Superintelligence Alliance(FET)$0.74-5.34%
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  • sei-networkSei(SEI)$0.317080-7.26%
  • sUSDSsUSDS(SUSDS)$1.060.03%
  • SkySky(SKY)$0.0842690.46%
  • filecoinFilecoin(FIL)$2.59-8.61%
  • quant-networkQuant(QNT)$119.19-8.53%
  • rocket-pool-ethRocket Pool ETH(RETH)$4,129.70-1.02%
  • Lombard Staked BTCLombard Staked BTC(LBTC)$118,224.000.22%
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  • flare-networksFlare(FLR)$0.022383-15.81%
  • kucoin-sharesKuCoin(KCS)$12.160.96%
  • StoryStory(IP)$5.165.82%
  • USDtbUSDtb(USDTB)$1.00-0.01%
  • FartcoinFartcoin(FARTCOIN)$1.42-12.70%
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  • USDT0USDT0(USDT0)$1.00-0.20%
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  • flokiFLOKI(FLOKI)$0.000127-13.04%
  • Renzo Restaked ETHRenzo Restaked ETH(EZETH)$3,811.23-1.33%
  • bitcoinBitcoin(BTC)$118,598.000.38%
  • ethereumEthereum(ETH)$3,627.85-1.02%
  • rippleXRP(XRP)$3.11-10.09%
  • tetherTether(USDT)$1.000.01%
  • binancecoinBNB(BNB)$766.04-3.37%
  • solanaSolana(SOL)$185.48-6.50%
  • usd-coinUSDC(USDC)$1.00-0.01%
  • dogecoinDogecoin(DOGE)$0.235934-8.35%
  • staked-etherLido Staked Ether(STETH)$3,620.44-0.90%
  • tronTRON(TRX)$0.308209-3.12%
  • cardanoCardano(ADA)$0.80-7.61%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$118,550.000.34%
  • HyperliquidHyperliquid(HYPE)$42.53-3.50%
  • Wrapped stETHWrapped stETH(WSTETH)$4,375.31-1.19%
  • stellarStellar(XLM)$0.419899-10.28%
  • suiSui(SUI)$3.70-5.33%
  • wrapped-beacon-ethWrapped Beacon ETH(WBETH)$3,895.24-0.68%
  • Wrapped eETHWrapped eETH(WEETH)$3,879.63-0.93%
  • hedera-hashgraphHedera(HBAR)$0.241179-9.60%
  • bitcoin-cashBitcoin Cash(BCH)$506.00-3.52%
  • avalanche-2Avalanche(AVAX)$23.58-6.39%
  • litecoinLitecoin(LTC)$113.31-3.50%
  • leo-tokenLEO Token(LEO)$9.000.16%
  • WETHWETH(WETH)$3,625.79-1.08%
  • shiba-inuShiba Inu(SHIB)$0.000014-9.11%
  • the-open-networkToncoin(TON)$3.13-5.58%
  • USDSUSDS(USDS)$1.000.00%
  • Ethena USDeEthena USDe(USDE)$1.000.00%
  • Binance Bridged USDT (BNB Smart Chain)Binance Bridged USDT (BNB Smart Chain)(BSC-USD)$1.000.05%
  • Coinbase Wrapped BTCCoinbase Wrapped BTC(CBBTC)$118,652.000.33%
  • whitebitWhiteBIT Coin(WBT)$44.120.03%
  • polkadotPolkadot(DOT)$4.00-8.75%
  • uniswapUniswap(UNI)$10.06-3.36%
  • moneroMonero(XMR)$318.35-1.80%
  • pepePepe(PEPE)$0.000013-9.25%
  • bitget-tokenBitget Token(BGB)$4.56-3.21%
  • aaveAave(AAVE)$287.33-4.90%
  • crypto-com-chainCronos(CRO)$0.126094-0.56%
  • Ethena Staked USDeEthena Staked USDe(SUSDE)$1.190.04%
  • BittensorBittensor(TAO)$421.02-4.44%
  • daiDai(DAI)$1.00-0.02%
  • ethereum-classicEthereum Classic(ETC)$22.51-4.15%
  • Pi NetworkPi Network(PI)$0.443327-4.25%
  • nearNEAR Protocol(NEAR)$2.68-9.27%
  • OndoOndo(ONDO)$1.00-7.74%
  • aptosAptos(APT)$4.65-15.00%
  • Jito Staked SOLJito Staked SOL(JITOSOL)$226.18-6.41%
  • EthenaEthena(ENA)$0.462596-2.70%
  • internet-computerInternet Computer(ICP)$5.46-9.08%
  • okbOKB(OKB)$48.15-1.85%
  • bonkBonk(BONK)$0.000035-0.74%
  • kaspaKaspa(KAS)$0.099422-9.73%
  • mantleMantle(MNT)$0.75-8.46%
  • Pudgy PenguinsPudgy Penguins(PENGU)$0.039762-7.89%
  • BlackRock USD Institutional Digital Liquidity FundBlackRock USD Institutional Digital Liquidity Fund(BUIDL)$1.000.00%
  • algorandAlgorand(ALGO)$0.258898-9.09%
  • USD1USD1(USD1)$1.000.03%
  • arbitrumArbitrum(ARB)$0.427966-6.96%
  • Binance-Peg WETHBinance-Peg WETH(WETH)$3,631.34-1.24%
  • cosmosCosmos Hub(ATOM)$4.62-7.56%
  • vechainVeChain(VET)$0.024475-9.69%
  • render-tokenRender(RENDER)$4.01-10.02%
  • polygon-ecosystem-tokenPOL (ex-MATIC)(POL)$0.228652-7.40%
  • gatechain-tokenGate(GT)$17.32-1.98%
  • worldcoin-wldWorldcoin(WLD)$1.13-11.64%
  • Official TrumpOfficial Trump(TRUMP)$9.87-8.34%
  • fasttokenFasttoken(FTN)$4.510.21%
  • fetch-aiArtificial Superintelligence Alliance(FET)$0.74-5.34%
  • Binance Staked SOLBinance Staked SOL(BNSOL)$197.41-6.30%
  • sei-networkSei(SEI)$0.317080-7.26%
  • sUSDSsUSDS(SUSDS)$1.060.03%
  • SkySky(SKY)$0.0842690.46%
  • filecoinFilecoin(FIL)$2.59-8.61%
  • quant-networkQuant(QNT)$119.19-8.53%
  • rocket-pool-ethRocket Pool ETH(RETH)$4,129.70-1.02%
  • Lombard Staked BTCLombard Staked BTC(LBTC)$118,224.000.22%
  • SPX6900SPX6900(SPX)$1.77-7.99%
  • Kelp DAO Restaked ETHKelp DAO Restaked ETH(RSETH)$3,798.09-0.96%
  • JupiterJupiter(JUP)$0.53-12.33%
  • Jupiter Perpetuals Liquidity Provider TokenJupiter Perpetuals Liquidity Provider Token(JLP)$5.07-2.08%
  • flare-networksFlare(FLR)$0.022383-15.81%
  • kucoin-sharesKuCoin(KCS)$12.160.96%
  • StoryStory(IP)$5.165.82%
  • USDtbUSDtb(USDTB)$1.00-0.01%
  • FartcoinFartcoin(FARTCOIN)$1.42-12.70%
  • first-digital-usdFirst Digital USD(FDUSD)$1.00-0.18%
  • StakeWise Staked ETHStakeWise Staked ETH(OSETH)$3,813.47-1.03%
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  • USDT0USDT0(USDT0)$1.00-0.20%
  • Mantle Staked EtherMantle Staked Ether(METH)$3,876.08-1.18%
  • curve-dao-tokenCurve DAO(CRV)$0.97-0.02%
  • injective-protocolInjective(INJ)$13.58-7.23%
  • CelestiaCelestia(TIA)$1.83-13.18%
  • Liquid Staked ETHLiquid Staked ETH(LSETH)$3,918.28-1.43%
  • nexoNEXO(NEXO)$1.31-1.17%
  • blockstackStacks(STX)$0.81-6.13%
  • Polygon Bridged USDT (Polygon)Polygon Bridged USDT (Polygon)(USDT)$1.000.01%
  • flokiFLOKI(FLOKI)$0.000127-13.04%
  • Renzo Restaked ETHRenzo Restaked ETH(EZETH)$3,811.23-1.33%

Elon Musk has officially stepped down from his controversial post as head of the Department of Government Efficiency (DOGE), a short-term federal role he described as an “uphill battle.” Appointed as a Special Government Employee under President Donald Trump’s administration, Musk’s tenure was capped at 130 days by law. That limit ends on May 30, but Musk confirmed his early exit on May 29 via a post on X (formerly Twitter), expressing gratitude to Trump “for the opportunity to reduce wasteful spending.”

Elon Musk
Source: Elon Musk

His departure comes amid mounting scrutiny, internal resistance in Washington, and legal challenges. Elon Musk admitted in interviews with The Washington Post and Ars Technica that the role was significantly harder than anticipated. “The federal bureaucracy situation is much worse than I expected,” he told the Post, acknowledging the challenge of navigating entrenched systems and political inertia in the capital.

DOGE’s Claims Under Fire

The DOGE initiative, named after the popular cryptocurrency Dogecoin, was billed as a radical cost-cutting operation designed to slash inefficiencies and eliminate waste across federal departments. According to official claims from the Trump administration, DOGE saved U.S. taxpayers $175 billion in just over four months, largely through downsizing federal programs and departments.

DOGE

However, these numbers have been widely disputed. Several news outlets and independent watchdogs argue the reported savings are exaggerated and include duplicated or misrepresented figures. Critics also note that the figure represents only 8.5% of Musk’s original ambition to cut $2 trillion from the federal budget, an estimate he later quietly revised to $150 billion.

Reuters reported that DOGE reduced the federal workforce by approximately 12%, or 260,000 positions, using layoffs, voluntary buyouts, and early retirement packages. While the administration touted this as evidence of DOGE’s effectiveness, public sector unions and critics argue it severely impacted essential government functions and morale within departments.

Lawsuit Alleges Overreach and Constitutional Violations

Musk’s tenure at DOGE has not only sparked debate, it has triggered legal consequences. A federal judge recently allowed a high-profile lawsuit to move forward, filed by 14 U.S. states, accusing Musk and DOGE of overstepping legal boundaries. The lawsuit alleges that DOGE illegally accessed government data systems, terminated employees without due process, and cancelled federal contracts in violation of constitutional protections.

elon musk

If upheld, the legal case could set a significant precedent for the limitations of Special Government Employees and the scope of private sector influence in public governance. Critics argue that Musk’s influence in federal decision-making exceeded the intended boundaries of his role and point to the blurred lines between executive power and private entrepreneurship.

Musk Admits Political Distraction Affected Tesla

In the aftermath of his federal exit, Musk has also reflected on the personal and professional toll of his political engagement. Speaking with Ars Technica on May 28, he conceded, “I think I probably did spend a bit too much time on politics,” acknowledging that his attention to DOGE may have detracted from his primary responsibilities at Tesla and other companies.

TESLA

Investors appear to agree. After Musk announced during Tesla’s Q1 earnings call that his time on DOGE would be significantly reduced, Tesla (TSLA) shares climbed over 5% in after-hours trading. This came despite a staggering 80% drop in the company’s net income, underlining investor concern about Musk’s divided focus.

Tesla still holds 11,509 Bitcoin, currently valued at around $1.24 billion, but its stock remains down 5.9% year to date. Analysts attribute part of this decline to weaker-than-expected vehicle sales and Musk’s reduced presence at the company. However, the slump aligns with broader trends among major tech firms in 2025, including Apple, Amazon, Nvidia, and Google, all of which are trading lower amid a turbulent economic climate.

Future of DOGE Remains Unclear

Though Musk has stepped back, he insists that DOGE’s mission will continue. In his farewell post on X, he stated the initiative “will only strengthen over time as it becomes a way of life throughout the government.” Whether this optimism will materialise into sustainable reform remains uncertain. With its flagship figure now gone and legal headwinds gathering, DOGE’s future hangs in the balance.

In the meantime, Elon Musk appears set to refocus on his business ventures, especially Tesla and SpaceX, while distancing himself from overt political engagement. Whether this recalibration can restore investor confidence and public trust remains to be seen but for now, the DOGE chapter in Musk’s multifaceted career has come to a close.

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