Elon Musk to Exit Government Role, Return to Business Empire

Elon Musk, tasked by President Trump to reduce government spending, is expected to step back from his role soon. Despite earlier uncertainty in Tesla's stock, shares have risen following reports of Musk's imminent return to business. Both leaders have hinted at this transition, although no date is set.

U.S. President Donald Trump reportedly informed his Cabinet that Elon Musk, the billionaire CEO of Tesla and SpaceX, would soon step down from his government role. This decision was revealed by Politico, which cited three individuals close to Trump.

Musk had been recruited by Trump to lead an initiative aimed at reducing government spending and dismantling various agencies as a special government employee. Both parties agreed that Musk will resume focus on his business ventures, though no specific date has been set for his departure. Neither the White House nor representatives for Musk have commented on the report as of now.

Stock markets reacted to the news, with government contracting companies' shares rising. Tesla's shares also experienced a boost, reversing earlier losses. Trump commended Musk's work and noted that the billionaire would inevitably return to his corporate responsibilities. Musk's role was set to last 130 days, predicting an end around late May. Last week, Musk expressed confidence about achieving significant federal spending cuts.

(With inputs from agencies.)