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Elon Musk under pressure: future at Tesla in the balance and at the centre of Doge controversy
Tesla’s board of directors evaluates a new salary for Musk, while the Doge project of public spending cuts turns out to be a flop. Investor doubts and criticism of X’s patron grow
Elon Musk’s future at Tesla is increasingly uncertain. According to the Financial Times, the company’s board of directors has set up a select committee to study new forms of compensation for the CEO and major shareholder, following the cancellation of the $55.8 billion maxi bonus decided by the Delaware court.
The committee, formed by chairman Robyn Denholm and Kathleen Wilson-Thompson, is still in a preliminary stage and has not defined either a new package or its structure. Investors are seeking clarification on Musk’s position and his future at the helm of Tesla amid growing uncertainty.
The failure of the Doge and Musk’s political retreat
At the same time, Elon Musk is preparing to leave the Department of Government Efficiency (Doge), a post he took up at the start of the Trump presidency with the aim of reducing federal spending by $2 trillion. The results, however, proved disappointing: the actual savings would amount to less than 170 billion, a figure already deemed optimistic and inflated.
According to the Financial Times, many of the savings claimed by the Doge stem from contracts that have already expired or decisions made by the Biden administration. The Department’s lack of transparency on numbers and personnel has fuelled further criticism.
A budget in the red and long-term risks
Despite Musk’s optimistic statements, federal spending has continued to grow, approaching USD 600 billion in April. The effect of cuts, often indiscriminate, has led to the loss of more than 75,000 civil servants, but with minimal economic benefits and heavy repercussions on productivity.
The case of the IRS, the US Internal Revenue Service, is emblematic: the reduction of 7,000 employees could save $6.9 billion in salaries, but at the cost of $64 billion in lost tax revenue over ten years. The thousands of open lawsuits against wild redundancies represent a further risk for the government.
Musk towards a downsizing of his public role
With a disastrous track record on the Doge front and a weakened position at Tesla, Musk now seems intent on reducing his involvement in economic policy, while it remains unclear whether he will retain operational leadership at the electric car giant. Investors are watching with growing concern, waiting for the next moves.
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