WASHINGTON, May 29 (Reuters) - U.S. President Donald

Trump praised Elon Musk on Thursday and said he will hold a

press conference with the billionaire, whose tenure in the

administration is ending, on Friday at 1:30 p.m. EST (1730 GMT)

in the Oval Office.

"This will be his last day, but not really, because he will,

always, be with us, helping all the way," Trump said in a post

on Truth Social. "Elon is terrific!"

Musk announced he was stepping down from his White House

stint on Wednesday, giving Tesla investors some succor after

shares slumped this year in part due to the backlash to his

support of Trump and right-wing parties in Europe.

The billionaire spearheaded Trump's so-called Department

of Government Efficiency, charged with cutting federal spending.

On Tuesday, Musk criticized the price tag of

Republicans' tax and budget legislation making its way through

Congress.

In addition, he had recently pledged to spend less money

on politics after he plunked down nearly $300 million on Trump's

presidential campaign and on other Republican candidates last

year.