Elon Musk Says Dogecoin Involvement Impacts Businesses

Elon Musk’s Challenges with the Department of Government Efficiency

During a Monday interview with Larry Kudlow of Fox News, Elon Musk, the billionaire entrepreneur, acknowledged that his participation with the Department of Government Efficiency (DOGE) is creating significant operational hurdles for his diverse portfolio of companies.

Musk’s Admission of Difficulty

Kudlow directly inquired about Musk’s ability to manage his numerous ventures – including X, Tesla, xAI, SpaceX, The Boring Company, Neuralink, and Starlink.

Musk responded, stating that he is managing these businesses “with great difficulty.” He further expressed surprise at his involvement, admitting, “Frankly, I can’t believe I’m here doing this.”

Criticism of DOGE’s Performance

Both Musk’s involvement and the DOGE initiative itself have faced scrutiny. Critics allege that DOGE, currently staffed by approximately 100 individuals with plans to expand to 200, has consistently overpromised and failed to deliver substantial spending reductions within U.S. government agencies.

Experts in government contracting have identified inaccuracies in DOGE’s reported reductions. They contend that claims of “savings” are often inflated through the use of misleading calculations related to contract terminations.

Cybersecurity Concerns

Furthermore, cybersecurity analysts have raised concerns that DOGE’s operations are potentially jeopardizing the security of U.S. data and computing infrastructure.

Reports indicate that some DOGE staffers, lacking extensive experience with government systems, have accessed agency data through insecure channels and subsequently copied it onto unprotected servers.

Potential Conflicts of Interest

Despite his complaints about the time commitment, Musk has been accused of leveraging the DOGE initiative to weaken regulatory oversight of his own businesses.

Impact on Regulatory Agencies

DOGE has significantly reduced the resources of the Consumer Financial Protection Bureau, just as it was preparing to broaden its supervision of peer-to-peer payment systems, including X’s planned virtual wallet.

Staffing levels at the National Highway Traffic Safety Administration have also been cut, despite ongoing investigations into the safety implications of Tesla’s driver-assistance technologies.

Additionally, DOGE has terminated probationary employees at the Federal Aviation Administration, which had previously proposed penalties for safety breaches at SpaceX.

The Securities and Exchange Commission, with whom Musk has a history of conflict, has also been targeted for substantial staff reductions.

Musk’s Continued Commitment

When Kudlow questioned whether Musk would continue his work with DOGE for “another year,” Musk affirmed his commitment with a “Yeah.”

Musk emphasized a focus on tangible results, stating, “We’re just getting things done, as opposed to writing a report.” He added, “Like, reports don’t mean anything. You’ve got to actually take action.”