Sen. Elizabeth Warren (D-MA) published a report accusing Elon Musk of extensive conflicts of interest during his time as head of the Department of Government Efficiency and increasing his net worth by over $100 billion in the process.
In the final months of Musk’s tenure, most analysts believed he saw a massive hit to his net worth, driven by public backlash against his businesses over his actions at DOGE. However, Warren alleged Musk actually increased his net worth by an astronomical amount in her new report, “Special Interests Over the Public Interest: Elon Musk’s 130 Days in the Trump Administration.”
“Donald Trump’s presidency has been profitable for Elon Musk. Since Election Day, Musk’s staggering net worth has increased by over $100 billion,” the report begins. “While serving as a ‘Special Government Employee’ in the White House and leading the Department of Government Efficiency (DOGE), Musk has maintained extensive financial conflicts of interest through his ownership or stake in several private and publicly traded companies: Tesla, SpaceX, X and xAI, the Boring Company, and Neuralink.”
According to the report, Musk’s companies faced $2.37 billion in possible liability from pending agency enforcement actions before President Donald Trump took office. Most of these have been dismissed or stalled.
Large contracts with the federal government, foreign governments, and other private sector companies were brought under question, though the report conceded that many didn’t violate any laws.
“But in other cases, Musk has engaged in action that may have violated the statutory prohibition regarding federal employees’ participation in particular matters in which a government official
has a financial interest, laws against bribery and gratuities, or the regulations prohibiting the use of
one’s government position for private gain,” it says.
The report lists 130 ways Musk allegedly engaged in questionable behavior, ranging from Starlink deals with foreign countries to a possible violation of the Hatch Act by wearing a “Make America Great Again” hat at Cabinet meetings.
The report says Musk has direct business interests in over 70% of the agencies and departments targeted by DOGE.
His targeting of one of Warren’s most touted accomplishments, the Consumer Financial Protection Bureau, came under particular scrutiny. The report alleges that his gutting of the bureau was partially due to the possible regulation of his X Money.
Musk became a favorite target of Democrats during his tenure as DOGE head, with attention and criticism often eclipsing that of Trump. He left with a controversial legacy, though he retained an optimistic tone at his last Oval Office press conference.
ELON MUSK EXIT STRIPS DEMOCRATS OF DOGE BOGEYMAN AS PARTY GRAPPLES WITH FUTURE
When asked Friday if his time with Trump’s administration was worth it, Musk replied that DOGE was “an important thing,” “a necessary thing,” and “will have a good effect on the future.”
“I expect to remain a friend and an adviser, and certainly, if there’s anything the president wants me to do, I’m at the president’s service,” he said.