I guess someone leapt to conclusions based on this statement from Trump:To be fair, and I completely believe that it's a thing that could have happened. When I looked it up just now that video is the only source for the claim.

“Is Time Magazine still in business?”: Trump reacts to iconic news magazine’s provocative ‘President Musk’ cover
Time Magazine on Friday revealed the cover for its latest edition and it featured Elon Musk, the world’s richest man, sitting behind the resolute desk in the Oval Office at the White House.