Musk "left" government the day before his government employment would reach a length threshold requiring a lot more paperwork and transparency.
Trump presented Musk with a ceremonial key to the White House.
Musk has made some recent statements about the "big beautiful bill" that could be seen as an actual policy break with Trump. With that, he's aligned to GOP politicians who feel the bill doesn't cut enough taxes and/or spending. And he's still very much in the conversation.
Musk is not on the outs. That's just kayfabe.