During a farewell event in the Oval Office, Trump lauded Musk's work as the head of the Department of Government Efficiency, which has eliminated thousands of jobs and canceled billions of dollars in spending - including the majority of U.S. foreign aid - but has so far fallen short of Musk's lofty initial promises.
"Elon is really not leaving. He's going to be back and forth," Trump said from behind the Resolute Desk, as Musk stood to his right, wearing a black DOGE hat and a T-shirt that read "The Dogefather" in the style of the movie "The Godfather."
Musk announced this week he would be departing the administration at the end of his 130-day mandate as a special government employee, which was set to expire around May 30.
The world's richest man - who spent nearly $300 million in 2024 to help Trump and other Republicans get elected - exerted enormous power during the first few weeks of Trump's term. DOGE upended the federal bureaucracy, dismantling agencies, shutting down long-standing programs and issuing sweeping mandates with little warning, resulting in tens of thousands of layoffs.
But his influence at the White House appeared to wane amid complaints from cabinet members about his approach. At the same time, he faced mounting pressure from shareholders worried that his expanding political role was becoming a liability for his companies.
Widespread anti-Musk protests at Tesla outlets across the U.S. and Europe contributed to declining sales and a drop in the company's stock price. Other ventures in his sprawling empire, including SpaceX and Starlink, were expected to benefit but also came under scrutiny from his close ties to Trump.
Friday's White House event was intended as a show of unity after Musk prompted frustration among White House officials this week by criticizing Trump's sweeping tax and spending bill as too expensive.
Some senior aides, including Deputy Chief of Staff Stephen Miller and Chief of Staff Susie Wiles, saw Musk's remarks on the tax bill as an open break from the administration, with Miller particularly irked by the comments, a source familiar with the matter said.
Trump presented Musk with a large golden key inside a wooden box bearing his signature, a gift he said he reserved only for "very special people."
"He had to go through the slings and arrows, which is a shame because he's an incredible patriot," Trump said.
Musk, in turn, admired the gold finishings that Trump has installed around the Oval Office and explained away a bruised eye by saying his 5-year-old son had punched him in the face while the two were playing around.
In addition to saying he would direct more of his energy toward his businesses, Musk has also said he plans to ratchet back his political donations.
On Friday, he told reporters he would remain part of Trump's circle of advisers.
"I expect to remain a friend and an adviser, and certainly, if there's anything the president wants me to do, I'm at the president's service," he said.
CUTS FALL SHORT
Musk initially claimed DOGE would slash at least $2 trillion in federal spending. DOGE now estimates it has saved $175 billion, but the details posted on its website, where it gives the only public accounting of those changes, add up to less than half of that figure.
Trump and DOGE have managed to cut nearly 12%, or 260,000, of the 2.3 million-strong federal civilian workforce largely through threats of firings, buyouts and early retirement offers, a Reuters review of agency departures found.
Musk said on Friday that downsizing the government had proven more difficult than he expected, blaming what he called the "banal evil of bureaucracy." Even so, he expressed confidence that DOGE would eventually achieve much deeper savings.
"This is not the end of DOGE but really the beginning," he said.
