Trump calls Musk "terrific" and announces press conference with him Friday

U.S. President Donald Trump praised Elon Musk on Thursday and said he will hold a press conference with the billionaire, whose tenure in the administration is ending, on Friday at 1:30 p.m. EST (1730 GMT) in the Oval Office.

"This will be his last day, but not really, because he will, always, be with us, helping all the way," Trump said in a post on Truth Social. "Elon is terrific!"

Musk announced he was stepping down from his White House stint on Wednesday, giving Tesla investors some succor after shares slumped this year in part due to the backlash to his support of Trump and right-wing parties in Europe.

The billionaire spearheaded Trump's so-called Department of Government Efficiency, charged with cutting federal spending.

On Tuesday, Musk criticized the price tag of Republicans' tax and budget legislation making its way through Congress.

In addition, he had recently pledged to spend less money on politics after he plunked down nearly $300 million on Trump's presidential campaign and on other Republican candidates last year.