Musk’s DOGE Spending Axe Is Hanging Over Technology Stocks
DOGE has fallen far short of Musk’s initially-stated goal of eliminating $2 trillion in US federal spending.
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Elon Musk’s efforts to slash $1 trillion in federal spending adds another risk for battered tech investors, threatening to sap billions in revenue from an already precarious sector.
Major companies like Microsoft Corp., Automatic Data Processing Inc., Autodesk Inc., SAP SE, and Oracle Corp. are among the companies that could be impacted by cuts in government spending, given the benefits they have historically gotten from federal contracts. Last month, the Department of Defense said it will terminate a plan to use Oracle software to manage its civilian workforce.