Elon admits failure…

But good news for Tesla
 
   
     
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Thursday, May 29th
The older I grow the more I distrust the familiar doctrine that age brings wisdom. 

-H. L. Mencken
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Markets Today
 
🌏 Asia-Pacific: Up
🇪🇺 Europe: Up
🇺🇸 United States: Up
🛢️ Oil: Down
⚡Crypto: Up
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Major Market Events 

 
Nvidia jumps despite looming China headwinds
Hit by Trump trade wars, US economy falls 0.2% Q1
US jobless claims jump but layoffs remain low despite uncertainty

🤔 My Thoughts

 
Elon Musk has announced his departure from the Trump administration, concluding his role as a special government employee leading the Department of Government Efficiency (DOGE). His exit, reported on May 28, 2025, follows a turbulent tenure marked by aggressive efforts to slash federal spending and streamline bureaucracy. 

Musk’s DOGE initiative cut approximately 260,000 federal jobs (12% of the civilian workforce) through firings, buyouts, and early retirements, though it fell WAY short of his ambitious $2 trillion savings goal, achieving closer to $150 billion. His departure was spurred by frustration over a Republican-backed spending bill, criticized by Musk for increasing the deficit by $3.8 trillion, undermining DOGE’s mission. Despite his exit, Musk claims DOGE’s influence will persist as a “way of life” in government.

Congress has yet to codify DOGE’s cuts, with many facing resistance. Federal courts have blocked some layoffs, and Republican districts hit by job losses have pushed back. 

House Speaker Mike Johnson pledged to act on a $9.4 billion rescissions package to formalize cuts, but Senate resistance looms. Musk’s focus now shifts to his businesses, including Tesla and SpaceX, amid reputational and financial challenges.
 
It’s good news for Tesla stock - and a lesson for the rest of us.

Congress isn’t getting any better, so we’d better figure out how to make money in the world where they never stop spending.
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To Better Trading,

Alex Reid
Wealthpin
 
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