“This will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people!,” Musk said.
Late on Tuesday, President-elect Donald Trump declared that he had named Vivek Ramaswamy and Elon Musk to head the Department of Government Efficiency, or DOGE.
Musk and Ramaswamy “will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” Trump said in a statement posted to Truth Social.
“Together, these two wonderful Americans will pave the way for my administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies — Essential to the “Save America” Movement,” he said, likening the endeavor to a modern-day “Manhattan Project.”
BREAKING: President Trump has tapped Elon Musk and Vivek Ramaswamy to lead the DOGE — Department of Government Efficiency.
— Charlie Kirk (@charliekirk11) November 13, 2024
Their mission will be to "dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies."… pic.twitter.com/5S1ySacJl0
Musk said in the same statement: “This will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people!”
Trump’s New DOGE Department Aims to Cut Government Waste with Musk’s Operational Expertise
Musk and Ramaswamy were among Trump’s most well-known surrogates in the 2024 presidential contest, which Trump won last week.
The DOGE department seems to have been created by Trump in order to carry out a thorough examination of the operational and financial performance of the federal government with the goal of suggesting any necessary reforms. Specifically, the initiative aims to increase efficiency and decrease waste.
Trump also viewed Musk’s participation as an opportunity to use his demonstrated operational optimization skills, which he had developed at SpaceX and Tesla.
Musk’s Trump Endorsement and Donations Stir Debate on Conflicts of Interest
Musk endorsed Trump and donated at least $119m to his campaign through a pro-Trump political action committee, America PAC. As a result, he was seen as a supportive ally whose influence could help advance policies promoting innovation and reducing regulatory burdens—issues Musk has long championed.
Nonetheless, the US Armed Services has secured contracts with SpaceX and Starlink, two of Musk’s businesses. His handling of possible conflicts of interest pertaining to these contracts has come under scrutiny as a result.
Trump Signaled Ramaswamy’s Future Role Despite Initial Silence on His Involvement
At first, Ramaswamy’s involvement in the department was not announced to the public. Nonetheless, Trump made references to Ramaswamy’s potential future position during his campaign, implying that he could manage one of the government’s “big monsters.”
Ramaswamy had previously been a Republican presidential candidate. He did, however, act as a spoiler at debates where Trump declined to participate. Following his withdrawal from the race, he openly endorsed Trump.
Dogecoin Surges Nearly 140% Since Election Results
Relatedly, Musk’s appointment to lead DOGE has significantly impacted Dogecoin’s price, fueled by his past endorsement of the cryptocurrency. His frequent mentions and promotions often trigger speculative buying.
Recently, Dogecoin ($DOGE) has garnered interest once more after hitting a three-year high above $0.41. The cryptocurrency market has grown very sensitive to Musk’s words and actions because of his outspoken support and the belief that he will use his new role to promote Dogecoin.
Since the election results, Dogecoin has risen by nearly 140%, and as of Wednesday, its price was around $0.40.