As Elon Musk sought to reassure Wall Street analysts on Tuesday that he would soon scale back his work with the federal government, the strain of his situation was audible in his voice.
The world’s richest man said that he would continue arguing that the Trump administration should lower tariffs it has imposed on countries across the world. But he acknowledged in a subdued voice that whether President Trump “will listen to my advice is up to him.”
He was not quite chastened, but it was a different Mr. Musk than a couple months ago, when the billionaire, at the peak of his power, brandished a chain saw onstage at a pro-Trump conference to dramatize his role as a government slasher.
Back then, Mr. Musk was inarguably a force in Washington, driving radical change across the government. To the president, he was a genius; to Democrats, he was Mr. Trump’s “unelected co-president”; to several cabinet secretaries, he was a menace; and to G.O.P. lawmakers, he was the source of anguished calls from constituents whose services and jobs were threatened by cuts from his Department of Government Efficiency.
As Mr. Musk moves to spend less time in Washington, it is unclear whether his audacious plan to overhaul the federal bureaucracy will have lasting power. The endeavor has already left an immense imprint on the government, and Mr. Musk has told associates that he believes he has put in place the structure to make DOGE a success. But he has still not come close to cutting the $1 trillion he vowed to find in waste, fraud and abuse.