'Serious concerns' about Elon Musk's controversial role in the White House

Just over two months into his second term, he's well on his way to doing both.

For better or worse remains to be seen.

In the past few days, Trump has announced aggressive tariffs on goods coming into America, sending the stock market into a spiral and sparking fears of recession.

Then there's his brutal restructuring of the federal government, with which he's had some very high-profile, high-tech help.

The world's richest man, Elon Musk, was a prominent figure in Trump's 2024 election campaign, regularly appearing at rallies and donating about $US250 million ($413 million).

For his loyalty, Musk was anointed as head of Trump's new Department of Government Efficiency (DOGE), where he vowed to abolish waste, fraud and abuse in government spending.

He's been wielding the chainsaw ever since, slashing entire federal agencies and laying off tens of thousands of American workers.

It's sparked serious concerns about potential conflicts of interest for a man who has his own business empire and a raft of government contracts.

"This is a person who has a car company, Tesla, which potentially could have inappropriate contracts with the US government if they're given to him based on this other role, or his closeness with the president," US author and political commentator Batya Ungar-Sargon tells 60 Minutes.

"He has contracts with SpaceX, he has an AI company which I'm sure he would like to see get some sort of government contracts. And so there's real problems here."

It's a concern echoed by Musk's former friend and business partner, Dr Philip Low.

"He's defunding organisations that were going to hold him accountable," says Low, "so that's very dangerous."

60 Minutes caught up with Low on the outskirts of Silicon Valley, where he once worked - and partied - with Musk.

The pair met in 2011 and formed a close friendship, consulting together at Low's neurotechnology company.

Low describes his old friend as "a lot of fun" and "a ray of sunshine", but says their relationship deteriorated in 2021 when Musk began acting strangely and made moves to undermine his business.

He's been closely watching Musk at work in the Oval Office, and has a deep sense of dread about the billionaire's motivations.

"His playbook, unfortunately, seems to be to acquire and consolidate power at all costs," he warns.

"And that is dangerous if you have a person in government, not vetted by Congress, making all kinds of decisions which will affect people's lives."

But there are plenty of Americans who support Trump's cull of bloated government spending, led by his so-called "first buddy".

"The American people voted for major government reform, not minor change, not tinkering around the edges," James Fishback tells 60 Minutes.

Fishback is CEO of a US investment firm and an advisor to Musk's Department of Government Efficiency.

He claims Musk's track record in business makes him the right man for the job.

"Think about what he has been able to do at his own companies, to deliver an incredible product and an incredible share price," Fishback says.

And he insists the new, cut-throat approach to running the country like a privately-owned business can work.

"There's no doubt it's unprecedented, but unprecedented needn't be a bad thing," Fishback says.

"This is the greatest country on Earth, but we've got to do right by the people, because they are frustrated, they are pissed off."

"So if Elon can play a role in restoring the fabric of America, that will be an unbelievable legacy."

The move into a senior government role has certainly come at a cost for Musk.

Tesla cars and dealerships across America and Europe have been targeted and Tesla shares and sales have slumped.

"My companies are suffering because I'm in the government," Musk bemoaned on Fox News last week, as he defended any potential conflict of interest.

But love him or loathe him, it seems Musk's days as the "DOGEfather" may be numbered.

Trump has told his inner circle, including cabinet members, that Musk will be stepping back into more of a supporting role in the weeks to come.

But Musk's former friend and colleague Low warns the damage has been done.

And he says the billionaire will likely maintain Trump's confidence, and therefore continue to wield power and influence.

"I think that there is a power struggle right now between President Trump and Elon Musk," Low says.

"My fear is that [Musk] is using and manipulating President Trump to tear up the constitution, until he will tear up President Trump."

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