Washington DC/IBNS, April 3 -- US President Donald Trump has told his Cabinet members and close aides that his billionaire ally Elon Musk will soon step back from his government role, Politico reported on Wednesday.

Trump has entrusted the Tesla CEO with efforts to cut government funding and dismantle various US agencies as a special government employee.

Musk or the White House has responded to the report yet.

Shares of some companies, including government contracting companies, rose following the report.

Shares of Musk's Tesla, which were down 2% in early trading after a sharper-than-expected fall in first-quarter deliveries, reversed course and were up 3%, reports said.

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