Musk Says DOGE 'Should Definitely' Examine Federal Reserve Costs [View all]

Source: Yahoo! Finance/Bloomberg

Thu, May 1, 2025 at 5:00 AM EDT


(Bloomberg) — Billionaire Elon Musk said he is considering sending his government efficiency team to the Federal Reserve, citing a costly renovation of the central bank’s Washington, DC, headquarters as an example of potential government waste.

“Since at the end of the day, this is all taxpayer money, I think we certainly — we should definitely — look to see if indeed the Federal Reserve is spending two and a half billion dollars on their interior designer,” Musk told reporters Wednesday at the White House.

The Fed’s multiyear headquarters renovation has ballooned to a $2.5 billion price tag as of 2022, a figure that the central bank pinned to higher costs of building materials and labor since the project started in 2021, right as inflation began to soar. “That’s an eyebrow raiser,” Musk said.

Musk spoke Wednesday in the White House’s Roosevelt Room, just hours before the Wall Street Journal reported that Tesla Inc.’s (TSLA) board had initiated talks with a search firm to find the EV maker’s next CEO. Tesla Chair Robyn Denholm later called the report “absolutely false” in a post on X.

Read more: https://finance.yahoo.com/news/musk-says-doge-definitely-examine-090000549.html