Elon Musk, the billionaire entrepreneur, announced on Wednesday that he is stepping down from his role in President Donald Trump's administration after months of leading the Government Efficiency Agency, which aimed to reduce spending within the U.S. government.

Musk’s Statement on X

In a post on X, Musk wrote:

"As my scheduled term as a special government employee comes to an end, I want to thank President Trump for the opportunity to contribute to reducing unnecessary spending."

He added, "The mission of the Government Efficiency Agency will strengthen over time, becoming a way of life across government."

A decision backed by Trump

According to Bloomberg, a White House official stated that Musk made his decision independently and with Trump’s support.

Conflict Over Federal Spending

The South African-born tech mogul had previously criticized a spending bill proposed by Trump’s administration, currently under discussion in Congress, warning that it would increase the federal deficit and undermine the work of the Government Efficiency Agency, which had cut tens of thousands of jobs in a bid to reduce expenses.

Musk’s CBS Interview

In an interview with CBS News, excerpts of which aired Tuesday night, Musk remarked:

"Frankly, I was disappointed to see this massive spending bill, which increases the budget deficit and undermines the work being done by the Government Efficiency Agency."

The full interview is set to air on Sunday.

Concerns Over the Spending Bill

According to media sources, the spending bill, approved last week by the U.S. House of Representatives and now in the Senate, includes broad tax exemptions and spending cuts.

However, critics warn that it could slash healthcare funding and increase the national deficit by up to $4 trillion over the next decade.

White House Response

The White House sought to downplay tensions between Trump and the Tesla CEO, avoiding direct references to Musk in its statements.