LIVE: President Trump and Elon Musk talk 'diddy', India-Pakistan conflict, DOGE and reducing taxes by 68%

LIVE: President Trump and Elon Musk talk 'diddy', India-Pakistan conflict, DOGE and reducing taxes by 68% originally appeared on TheStreet.

President Donald Trump and Elon Musk are holding a press conference at the Oval Office today.

Musk, who had been serving as the chief of the Department Of Government Efficiency (DOGE) since the beginning of Trump's second term in January, is quitting the Washington stint now.

Trump and Musk are two of the most influential figures in the crypto world. Trump recently endorsed Bitcoin as part of the U.S. digital asset stockpile, while Musk’s tweets have moved markets from Dogecoin to Bitcoin.

Their Oval Office press conference today could shake up the crypto space yet again.

Dogecoin dropped over 10% today following Elon Musk’s surprise announcement that he is “no longer involved with DOGE.”

The meme coin, once famously backed by Musk, is now trading at $0.1973 as broader crypto markets remain in the red — with Bitcoin down 2.3% and Ethereum down 3.8% over 24 hours.

Trump stays mum on crypto

Trump has pursued a pro-crypto policy during his second term and has vowed to make the U.S. the "crypto capital of the world."

He not only ordered the establishment of a strategic Bitcoin reserve and a digital assets stockpile but also banned the central bank digital currencies (CBDCs).

However, Trump didn't mention crypto even once during the conference, despite the industry's expectations.

All other updates are mentioned below.

Trump welcomes Musk

President Trump opened the press conference by praising Elon Musk, calling him “a fantastic friend” who “didn’t need this,” referring to Musk’s government stint. “Government's a little nasty on occasion,” Trump added, before joking with another attendee about their “charmed life.”

Trump then unexpectedly played a clip from CNBC, spotlighting economic data showing U.S. personal income rising by 0.8% — nearly triple expectations. “Really stellar,” said Trump, quoting CNBC anchors Rick Santelli and Joe Kernen “The trade deficit cut in half… I don’t think I’ve ever seen that.”

Trump turns to Musk

Calling the decision to maintain tariffs a “big decision,” Trump credited his economic team for the improvement in numbers and invited them to stand next to him.

Trump then turned to Musk, calling him “one of the greatest business leaders and innovators the world has ever produced,” and said Musk “stepped forward to put his very great talents into the service of our nation.”

Trump praises Musk’s DOGE reforms: “Unbelievably stupid” waste uncovered

President Trump shifted focus to Elon Musk, offering glowing praise for his tenure as the head of the Department of Government Efficiency (DOGE).

Story ContinuesHe credited Musk with leading “the most sweeping and consequential government reform program in generations.”

Trump said Musk’s team uncovered government practices that were “unbelievably stupid and unbelievably bad,” hinting at massive inefficiencies that are still being processed. “The numbers could double or triple,” Trump added, referring to expected cost savings or recovered taxpayer dollars.

The DOGE department, according to Trump, “installed geniuses” and brought in “an engineering mindset and unbelievably talented people.” He recounted asking Musk what defined their team — to which Musk supposedly replied: “Being smart.”

No specific reforms were detailed yet, but Trump said many changes are still under wraps until verified.

We don’t want to go out with them until we’re sure.

Trump slams past spending, claims DOGE saved billions

Trump doubled down on his praise for Elon Musk’s Department of Government Efficiency (DOGE), claiming it uncovered “unbelievably stupid” spending — including $101 million in DEI contracts at the Education Department, $59 million on hotel rooms for undocumented immigrants in New York, and $45 million for scholarships in Burma.

He called past government programs “worse than broken,” blaming the previous administration for wasting billions on tech that “didn’t even come close to working.”

Trump also revealed that 75,000 federal workers have already left their jobs voluntarily under DOGE’s restructuring, and promised that more terminated contracts are under review.

He said some of these waste-reduction announcements will come in “six months or maybe almost a year,” but hinted that many would bear Musk’s signature when revealed. Musk has still not spoken.

Trump reads out bizarre spending — from 'trans mice' to Arab Sesame Street

Still holding the mic, Trump went on a long-winded rant about the “stupidest” federal spending uncovered by Elon Musk’s Department of Government Efficiency — including:

• $8 million for “making mice transgender”
• $20 million for “Arab Sesame Street”
• $45 million for DEI scholarships in Burma
• $42 million for behavioral change in Uganda
• $2 billion to Stacey Abrams’ environmental group — a figure Trump claims was found “in an account that had just $100”
• And a shocking $20 billion “spending hole” elsewhere that he says is under review.

He promised that DOGE cuts would soon become permanent and that a “great big beautiful bill” is coming to Congress to formalize the reforms.

Trump says Musk isn’t really leaving government post: ‘It’s his baby’

Trump just wrapped up a lengthy monologue showering praise on Elon Musk, calling his role in government reform “without comparison in modern history.”

Trump said the Department of Government Efficiency (DOGE) will keep many of Elon’s hires in place — and teased that Musk himself won’t be stepping away fully either He said, adding that Elon will “be back and forth” in some capacity.

I have a feeling it’s his baby.

Trump credited Musk with helping fix “hundreds of billions in waste,” modernizing the retirement process, and revamping the IRS. He thanked him for enduring “outrageous abuse and lies” out of patriotism and formally honored him as a “special government employee.”

Trump Claims He Averted India-Pakistan Nuclear War

Trump claimed credit for preventing a potential nuclear disaster between India and Pakistan during his presidency.

We stopped India and Pakistan from fighting.

He said, adding that the situation “could have turned into a nuclear disaster.”

He thanked the leaders of both countries and said his administration used trade talks as leverage.

We said we can’t trade with people that are shooting at each other and potentially using nuclear weapons.

Trump claims credit for defeating ISIS, praises military leadership

Following his comments on de-escalating tensions between India and Pakistan, Trump pivoted to national security, highlighting his administration’s military achievements.

We put one of [the greatest leaders] in charge of the Joint Chiefs of Staff, as you know—General Raising Cain—and we wiped out ISIS. Completely wiped out ISIS, in three weeks. They said it would take five years, and we did it in three weeks.

Trump added:

We don’t want to have to use our military. We want to be peace through strength when we can, and that’s the way we [operate].

Trump honors Musk with a memento

Immediately after Trump presented Elon Musk with a “very special” honor near the end of his remarks, the transcript ends with:

Thank you. A very special [something] that I gave to very special people. I have given it to some—I think those are very special people—and I thought I’d give it to Elon as a presentation from our country. Thank you.

Musk says Doge reform is just beginning, expects over $200 billion in savings

Elon Musk addressed the audience after receiving a special award from Donald Trump, clarifying that his official role in the government’s “Doge” initiative is ending — but the movement itself is just getting started.

This is not the end of Doge, but really the beginning.

Musk noted that his position as a “special government employee” was always time-limited to 134 days, which wraps up in a few days.

Musk said the program — which he likened to a “way of life” — is now spreading through various federal departments and will continue to grow stronger without him He quipped.

It’s like a version of Buddhism.

It is permeating throughout the government.

According to Musk, the Doge team has already identified over $160 billion in potential government savings for fiscal years 2025–26, with that number “climbing” rapidly.

We expect that number will go over $200 billion soon.

‘Advisor to the President’

Musk confirmed his official 134-day role as “special government employee” is ending soon, but emphasized his ongoing involvement:

I’ll continue to be here and be a friend and advisor to the President.

He praised the redesign of the Oval Office, highlighting the newly uncovered 24-karat gold eagle on the ceiling and the majesty it now reflects:

I think the way that the Oval Office… has just completely been redone… it's beautiful.

He ended by thanking Trump again and hinting that he would return to the room:

I look forward to… being back in this amazing room.

Trump on China tariffs

Trump criticizes China for allegedly violating the trade agreement:

They [China] violated a big part of the agreement we made... I helped them because they were in trouble with the stoppage of a massive amount of business, but I’m sure that I’ll speak to President Xi, and hopefully we’ll work that out. But yeah, that’s a violation of the agreement.

Trump on the viral video of France’s First Lady allegedly slapping Emmanuel Macron:

Trump kept it light, brushing off the incident while confirming he spoke to Macron directly and that “they’re fine.”

Make sure the door remains closed. That was not good. I spoke to him. He’s fine. They’re fine. They’re two really good people I know very well, and I don’t know what that was all about. But I know very well. And they’re fine.

Trump on Diddy

Trump was also asked whether he would consider pardoning music mogul Sean “Diddy” Combs amid the ongoing federal investigation.

“Nobody’s asked,” he said, adding:

I know people are thinking about it… I haven’t been watching it too closely, although it’s certainly getting a lot of coverage.

While noting that Combs “used to really like me a lot,” Trump said their relationship “busted up” once he entered politics, and concluded:

I would certainly look at the facts. If I think somebody was mistreated—whether they like me or don’t like me—it wouldn’t have any impact.

Trump touts ‘Beautiful Bill’ that extends tax cuts, warns of 68% tax hike if it fails

Trump described the newly passed House tax bill as “an unbelievable bill” that slashes deficits and delivers “the largest tax cut in the history of our country.” But he also said he’s pushing for deeper cuts as the Senate prepares to take up its version.

Trump said during the Oval Office address:

There’s things I’d like to see maybe cut a little bit more.

He added that he was aiming for a slightly lower number. Still, he called the legislation a major win for taxpayers, adding, “It cuts your deficits… it’s a huge cutting.”

Trump emphasized the bill’s central provision: a permanent extension of the Trump-era tax cuts. He warned:

If it doesn’t get approved, you’ll have a 68% tax increase.. That’s a number that nobody’s ever heard of before.

He added:

If it does get approved, you’ll have a large tax cut—the largest we’ve ever had.

The president also framed the bill as a continuation of the economic legacy of his first term. “We had the most successful four years in the history of our country, the economy,” Trump said. “And this is going to be even better.” He cited recent economic reports as proof: “These are human emotions of professionals that have never seen numbers like this.”

Trump confirmed the bill would be “jiggered around a little bit” in negotiations between the House and Senate but insisted its core promise would remain intact. He also defended the bill’s inclusion of a debt ceiling extension, saying it was critical to avoid default.

If we don’t extend debt, we’re in default.

He warned, “And we don’t ever want to have a country in default.”

Taking a swipe at Democrats, Trump said the debt ceiling should have been dealt with earlier. He referred to the GOP leader who handed the issue to House Republicans:

This man thought it was the right thing to do, and he was well meaning. I don’t hold anything against him for that.

He added:

But that was put on our plate… and we have to take care of that.

LIVE: President Trump and Elon Musk talk 'diddy', India-Pakistan conflict, DOGE and reducing taxes by 68% first appeared on TheStreet on May 30, 2025

This story was originally reported by TheStreet on May 30, 2025, where it first appeared.

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