Elon Musk's Department of Government Efficiency (Doge) - set up to cut US government spending - claims to have saved, on average, more than $10bn a week since President Trump entered office. "We're talking about almost $200bn and rising fast," Trump told the BBC when talking about Mr Musk's cost-cutting drive on 23 April.

AmeriCorps has become the latest target of Elon Musk’s Department of Government Efficiency, with $400 million in grants on the chopping block. According to The Washington Post, DOGE has ordered the national service program deploying thousands of volunteers across America to terminate nearly 41 percent of its total 2025 funding.

The stock got a fresh boost on Friday as the US Department of Transportation announced looser rules for self-driving cars.