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Elon Musk is seemingly done with DOGE and, as per meticulously leaked anecdotes, has resumed sleeping on the Tesla factory floors. However, to avoid sending the wrong signals, including those centered on a rumored falling out, Trump and Elon Musk are holding a press conference later today, sending the broader social media into a frenzy in the process.
It all began in April when Elon Musk declared during Tesla's earnings call that his DOGE work was "mostly done," and that he would start spending a lot more time at Tesla from May onwards.
Then, in the third week of May, Elon Musk publicly announced that he was still planning to spend "a couple of days" at the White House "every few weeks."
Elon Musk worked privately to derail the OpenAI deal announced in Abu Dhabi last week if it didn't include his own AI startup, at one point telling officials in the UAE that there was no chance of Trump signing off unless his company was included. https://t.co/JVMKPfM310
— Rebecca Ballhaus (@rebeccaballhaus) May 28, 2025
Since then, however, rumors have continued to swirl that all was not well between Musk and Trump. Some point to the President's "big, beautiful bill" that would substantially increase near-term deficits as the casus belli. The Wall Street Journal, on the other hand, seems to suggest that Elon Musk's relentless promotion of xAI at the expense of OpenAI during his recent trip to the UAE with the wider Trump entourage might be to blame for the rumored falling out. Do take this with a hefty grain of salt as the WSJ's reporting on all things Musk-related does not have a pristine record of being accurate.
Now that Elon Musk seems to be drifting away from Trump, will his approval ratings bounce? He remains well below that of Trump currently. pic.twitter.com/rvqFgAkoeA
— funwithnumberz (@funwithnumberz) May 29, 2025
Of course, a simpler explanation might be the most obvious one. Elon Musk's popularity continues to languish in the proverbial doldrums at the moment, and with it so does Tesla's sales momentum. In fact, Wall Street analysts currently expect Tesla's sales to decline by 7 percent and 5 percent year-over-year in Q2'25 and FY 25, respectively. Also, Musk's DOGE ambitions have had to contend with a seemingly perennial tug-of-war with the American courts, which has only served to sap the initiative's momentum.
🇺🇸 President Trump just said he will hold a press conference with Elon Musk in the Oval Office tomorrow at 1:30PM ET pic.twitter.com/2cPV2cYgZw
— Evan (@StockMKTNewz) May 30, 2025
This brings us to the crux of the matter. Trump and Elon Musk are slated to hold a press conference in the Oval Office at 13:30 EDT on Friday.
Trump’s holding a press conference with Elon Musk this Friday at 1:30 p.m. ET. Here’s what Polymarket expects they’ll say during the presser. pic.twitter.com/X2l5qUgN5W
— Wall St Engine (@wallstengine) May 30, 2025
This development has now spawned a vigorous betting round on Polymarket, with people predicting what keywords the duo would end up mentioning. You can view these betting contracts here.
At the moment, there is an 87 percent probability that Tesla will be mentioned at the press conference, with similar odds for over 5 mentions of the word DOGE. Other keywords that are audience favorites include Biden, Harvard, and AI.
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