'Is Time Magazine still in business?' Trump asks after 'President Musk' cover

US President Donald Trump asked if Time Magazine is still in business after he was asked about its latest cover showing Elon Musk behind Trump's resolute desk. "Is TIME magazine still in business? I didn't even know that," Trump said leading laughs in the room. The US president was asked what is his opinion on the cover, which pushed the "President Musk" narrative. Trump said he did not realise the magazine was still in business. 

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NEW: Reporter asks Trump about his reaction to the new TIME cover depicting Elon Musk as president, Trump replies by saying he didn't realize TIME was still in business.

Reporter: "Do you have a reaction to the TIME Magazine cover that has Elon Musk sitting behind your resolute… pic.twitter.com/GlcoGPqvKh

— Collin Rugg (@CollinRugg) February 7, 2025

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The magazine questioned how Musk enjoys the power that no businessman ever had and how he is only accountable to the US president "who handed his campaign benefactor a sweeping mandate to bring the government in line with his agenda".

Trump then went on to praise Musk saying, "Elon is doing a great job. He is finding tremendous fraud and corruption and waste. You see it with the USAID but you are going to see even more with other agencies and other parts of the government." 

"He's got a staff that's fantastic. He's wanted to be able to do this for a long time. Everybody else knew it was existent but, I think, never so much when you look at USAID. The whole thing is a fraud," he further added. 

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The US president further added, "Very little being put to good use. Every single line that I look at in terms of events and transactions is either corrupt or ridiculous. And we are going to be doing that through our government and we are going to be very close to balancing the budget. He's (Elon) doing a very good job. I am very happy with it." 

Trump's statement about Time Magazine came after the US president was selected as Person of the Year in 2024 by the magazine. 

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(With inputs from agencies)