Billionaire Elon Musk, who is set to co-lead the new advisory Department of Government Efficiency, has admitted the agency likely won’t make the $2 trillion in federal budget cuts he originally promised.

Elon Musk has acknowledged his goal of slashing federal spending would be tricky – now eyeing $1 trillion in cuts, half his original goal.

Tyler VanAkin was pictured on election day at an Atlanta airport as the final winner of the contest run by Musk’s pro-Trump campaign group, which offered $1mn prizes to registered voters in swing states who signed a petition “in support of the constitution”.

Remember when Elon Musk vowed to uncover ways to cut “at least $2 trillion” from the federal budget? The DOGE leader is already abandoning his goal.

Musk's Tesla stake rose by $111 billion — 65% — last year. All but $2 billion of Musk’s Tesla gain and about 98% of what other Tesla shareholders gained came after Election Day, when Musk began hanging out extensively with Donald Trump and started calling himself Trump’s “first buddy.