• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
PoliticsDonald Trump

Trump says talk that he’s ceded presidency to Musk is a ‘hoax’

By
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Bloomberg
Bloomberg
Down Arrow Button Icon
December 22, 2024, 6:17 PM ET
Elon Musk at a rally with Donald Trump in Butler, Pennsylvania, on Oct. 5.
Elon Musk at a rally with Donald Trump in Butler, Pennsylvania, on Oct. 5.Jim Watson—AFP via Getty Images

Donald Trump said Sunday that he will be president of the US — not Elon Musk. 

Recommended Video

“No, he’s not taking the presidency,” Trump told a conservative audience in Phoenix, addressing growing complaints about the outsized role the Tesla boss has already had in his incoming administration.

“You know, they’re on a new kick,” he said. “All the different hoaxes. The new one is that President Trump has ceded the presidency to Elon Musk. No, no, that’s not happening.”

That Trump would be compelled to address Musk’s power is testimony to the unusual influence that the world’s richest man has displayed in a second Trump presidency that won’t begin for another month. 

Trump has tapped Musk to head a cost-cutting and deregulation effort he calls the Department of Government Efficiency. It’s not an official department, but rather a small group of people working from the Washington offices of Musk’s SpaceX and organized around an account on Musk’s social media platform, X.

The appointment has already brought complaints of conflicts of interest, as Musk’s many businesses — including car-maker Tesla, tunnel-drilling Boring Co., rocket-launcher SpaceX and its sister satellite company Starlink — are regulated by the federal government and receive federal contracts.

Musk also was an early and vocal opponent of a budget compromise in Congress last week, amplifying criticism of the bill — much of it misleading — on X. The bill failed and was replaced by a slimmed-down version that prevented a government shutdown.

Trump has marveled at the South Africa-born billionaire’s technological acumen, and credited Musk with helping to win Pennsylvania. Musk contributed a total of $238.5 million to a pro-Trump political action committee, making him the largest single donor in the US election.

“Isn’t it nice to have smart people we can rely on? Don’t we want that?” Trump asked a gathering of the conservative youth group Turning Point USA.

“But no, he’s not going to be president, that I can tell you,” Trump said. “And I’m safe. You know why? He can’t be. He wasn’t born in this country. Ha ha ha.”

Join us at the Fortune Workplace Innovation Summit May 19–20, 2026, in Atlanta. The next era of workplace innovation is here—and the old playbook is being rewritten. At this exclusive, high-energy event, the world’s most innovative leaders will convene to explore how AI, humanity, and strategy converge to redefine, again, the future of work. Register now.
About the Author
By Bloomberg
See full bioRight Arrow Button Icon

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Leadership
  • Success
  • Tech
  • Asia
  • Europe
  • Environment
  • Fortune Crypto
  • Health
  • Retail
  • Lifestyle
  • Politics
  • Newsletters
  • Magazine
  • Features
  • Commentary
  • Mpw
  • CEO Initiative
  • Conferences
  • Personal Finance
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Politics

Phot of Donald Trump
Economyaffordability
Top analyst: Trump’s economy marked by ‘soggy consumption, weak job gains and a sour public mood’
By Nick LichtenbergFebruary 9, 2026
3 hours ago
Photo of Donald Trump
EconomyBonds
China might be beginning to back away from U.S. debt as investors get nervous about overexposure to American assets
By Eleanor PringleFebruary 9, 2026
7 hours ago
EconomyBonds
Dow futures rise after index tops 50,000 for the first time while landslide election in Japan sends U.S. bond yields higher
By Jason MaFebruary 8, 2026
18 hours ago
PoliticsOlympics
Trump calls U.S. Olympian a ‘real Loser’ as athletes speak out against administration policies, while Jake Paul tells critics to ‘live somewhere else’
By Fernanda Figueroa and The Associated PressFebruary 8, 2026
20 hours ago
HealthVaccines
Dr. Oz begs Americans to get inoculated against measles as outbreaks spiral around the country. ‘Take the vaccine, please’
By Matt Brown and The Associated PressFebruary 8, 2026
20 hours ago
EconomyUkraine invasion
Russian officials are warning Putin that a financial crisis could arrive this summer, report says, while his war on Ukraine becomes too big to fail
By Jason MaFebruary 8, 2026
21 hours ago

Most Popular

placeholder alt text
Economy
Elon Musk warns the U.S. is '1,000% going to go bankrupt' unless AI and robotics save the economy from crushing debt
By Jason MaFebruary 7, 2026
2 days ago
placeholder alt text
Economy
Russian officials are warning Putin that a financial crisis could arrive this summer, report says, while his war on Ukraine becomes too big to fail
By Jason MaFebruary 8, 2026
21 hours ago
placeholder alt text
Commentary
America marks its 250th birthday with a fading dream—the first time that younger generations will make less than their parents
By Mark Robert Rank and The ConversationFebruary 8, 2026
1 day ago
placeholder alt text
Commentary
We studied 70 countries' economic data for the last 60 years and something big about market crashes changed 25 years ago
By Josh Ederington, Jenny Minier and The ConversationFebruary 8, 2026
1 day ago
placeholder alt text
Success
Gen Z Patriots quarterback Drake Maye still drives a 2015 pickup truck even after it broke down on the highway—despite his $37 million contract
By Sasha RogelbergFebruary 7, 2026
2 days ago
placeholder alt text
Personal Finance
Tom Brady is making 15 times more as a commentator than he did playing in the big game thanks to $375 million contract 
By Eva RoytburgFebruary 8, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.