Elon Musk has admitted that his proposal to cut at least $2 trillion from federal spending if Trump gives him the chance would cause a “slump” in markets.
Musk, the Tesla and SpaceX CEO who submitted his resume to become director of a new “Office of Government Efficiency” under a second Trump administration, said ordinary Americans would suffer some financial hardship if his plan were implemented.
He responded to an anonymous rapid recovery for a healthier and more sustainable economy.’
At 1:46 a.m., Musk simply responded: “Sounds good.”
It comes after he told a virtual town hall on
He later added that if we were given a role in government, he would “balance the budget immediately.”
“Obviously, a lot of people who are taking advantage of the government are going to be angry about that. I’ll probably need a lot of security, but it has to be done. And if it’s not done, we’ll just go bankrupt,” he insisted.
Elon Musk (pictured with Donald Trump at a rally in Pennsylvania in October 2024) has admitted that his proposal to cut at least $2 trillion from federal spending if given the chance by Trump would cause a “crash” in markets.
It comes after he told the estimated 20,000 attendees at Trump’s rally in New York’s Madison Square Gardens on Sunday: “Your money is being wasted.” We’re going to get the government off your back and out of your pocket.’
Howard Lutnick, president and CEO of financial services company Cantor Fitzgerald, who also leads the Trump 2024 Transition Team, introduced the X owner on stage at the conclusion of his speech.
Lutnick said Musk would soon become the head of a newly created Department of Government Efficiency, an agency whose initials stand for DOGE, the cryptocurrency Musk once promoted.
Before Lutnick handed over the lectern to the world’s richest man, he asked Musk: “How much do you think we can get out of this wasted $6.5 trillion Harris-Biden budget?”
“I think we can make at least $2 trillion,” Musk responded, receiving applause from the audience.
Musk scored a prime-time spot at the sold-out event on Sunday, speaking right before Melania.
Musk holds his son and stands next to former first lady Melania Trump, who took the stage in a stunning appearance on Sunday.
The federal government spent $6.75 trillion in fiscal year 2024, but only brought in $4.92 trillion in revenue, leaving a deficit of $1.83 trillion, according to the Treasury Department.
Musk’s cuts would reduce the budget by nearly a third and exceed this year’s deficit spending.
During his speech, Musk also reiterated what he said about being a ‘dark MAGA’ at Trump’s early October rally in Butler, Pennsylvania, where the Republican candidate was shot by a would-be assassin months earlier.
‘I’m dark and goth MAGA!’ Musk shouted into the microphone while donning a black MAGA hat.
Musk getting a prime-time spot at Trump’s latest rally comes as he faces criticism and possible investigations over his $1 million daily donation to registered voters in swing states.
The random lottery began on October 19 and is being offered to those who signed their petition in support of free speech and the right to bear arms.
His son, whose full name is X Æ A-Xii, was also seen holding a Trump Vance sign with his father’s name at Madison Square Garden.
During Donald Trump’s Sunday rally at Madison Square Garden in New York City, Elon Musk smiles at his son, who is wearing an oversized custom MAGA hat that reads, “Let’s make voting great again.”
The seven-figure prize was won for the first time by three Pennsylvania Republican voters, who posed proudly with their oversized checks.
Musk, however, has stopped the giveaway in Pennsylvania after warnings from the Department of Justice.
The Justice Department sent a letter notifying Musk’s US PAC that its lottery possibly violates federal law, according to multiple reports.
Much speculation arose that his last-minute election draw would hit roadblocks, with many pointing out that it is illegal to give away money to influence voters or get them to register to vote.
Warnings from the Justice Department and calls for investigations from Democrats and Republicans alike have yet to deter Musk, who as recently as Friday handed over another million dollars to a Wisconsin teacher, Brian Bauer.