U.S. President Donald Trump praised billionaire Elon Musk's efforts to cut federal spending during a joint press conference in the Oval Office on Friday, as the Tesla CEO departs the administration after a chaotic tenure that saw the elimination of thousands of jobs and billions of dollars in contracts.

Trump marked the end of Musk's tenure as a government employee with an Oval Office event. Musk arrived with a literal and reputational black eye.