Trump bids farewell to Musk after brief turbulent tenure as adviser


Jihan Abdalla
  • English
  • Arabic

US President Donald Trump on Friday held a farewell for Elon Musk, his billionaire adviser whose brief tenure was marred by controversy.

Mr Musk, the world's richest man, dressed all in black and with a black eye, stood next to Mr Trump in the Oval Office to officially take his leave, more than four months after he was charged with slashing governmental spending through the Department of Government Efficiency, or Doge.

“Elon is really not leaving – he's going to be back and forth,” Mr Trump said. “I have a feeling it's [Doge] his baby, and I think he's going to be doing a lot of things, but Elon's service to America has been without comparison in modern history.”

His 130-day mandate as a special government employee in the Trump administration was set to expire around May 30, the White House said.

As head of Doge, Mr Musk slashed tens of thousands of government jobs, arguing the move would cut unnecessary spending and corruption. He also closed entire departments, including the US Agency for International Development (USAID). In March, a federal judge ruled Mr Musk's actions on USAID were likely unconstitutional.

The Trump administration also said the cuts took aim at diversity, equity and inclusion (DEI) programmes, a major target of the President's ire.

But the effort was marred with controversy, with reports of inefficiency and inadequate planning leading to some hastily laid-off employees being asked to return to work. Mr Musk said he would continue to advise Mr Trump.

“This is not the end of Doge, but really the beginning of my time as a special government employee,” Mr Musk said.

He said his team slashed $160 million in spending – far short of the $2 trillion he said it would cut. “I'm confident that over time, we'll see a trillion dollars of savings and reduction in a trillion dollars' of waste,” he added.

Mr Musk's departure from the White House comes after a report by The New York Times said that he heavily used ketamine on the 2024 campaign trail, when he made numerous appearances to rally support for Mr Trump in swing states including Pennsylvania.

The newspaper said Mr Musk also took other drugs, including ecstasy and mushrooms, and travelled with a large pill box.

During the lengthy and often disjointed Oval Office news conference, Mr Musk was asked about the bruise near his right eye. He said his young son, X, had punched him in the face.

“Well, it wasn't anywhere near France,” Mr Musk said referencing footage showing French first lady Brigitte Macron shoving her husband, President Emmanuel Macron, in the face before he descended from a plane on Sunday.

“I was horsing around with little X and I said, go ahead, punch me in the face, and he did,” Mr Musk said.

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Poacher
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERichie%20Mehta%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Nimisha%20Sajayan%2C%20Roshan%20Mathew%2C%20Dibyendu%20Bhattacharya%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
MEDIEVIL%20(1998)
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20SCE%20Studio%20Cambridge%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%2C%20PlayStation%204%20and%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
The Pope's itinerary

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

THE BIO

BIO:
Born in RAK on December 9, 1983
Lives in Abu Dhabi with her family
She graduated from Emirates University in 2007 with a BA in architectural engineering
Her motto in life is her grandmother’s saying “That who created you will not have you get lost”
Her ambition is to spread UAE’s culture of love and acceptance through serving coffee, the country’s traditional coffee in particular.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Updated: June 02, 2025, 11:56 AM