As the incoming head of the agency tasked with improving the functioning of the US government, billionaire Elon Musk has vowed to have a "both tragic and entertaining" list of crazy spending on American taxpayers' money.

On the morning of November 13 (Vietnam time), US President-elect Donald Trump announced the appointment of billionaire Elon Musk as the head of an agency that will improve the US government apparatus, giving more influence to the already richest person in the world.

Billionaire Musk wants transparency

Accordingly, Mr. Musk and former Republican presidential candidate Vivek Ramaswamy will co-lead the newly established Government Efficiency Board, abbreviated as DOGE.

In a statement, Mr. Trump said the two would work together to "pave the way for my administration to dismantle government bureaucracy, while cutting redundant regulations, cutting wasteful spending, and restructuring federal agencies."

The new agency will “provide advice and guidance from outside the government,” Mr Trump said, signaling that Mr Musk and Mr Ramaswamy’s positions would be informal, meaning they would not require Senate confirmation and would allow Mr Musk to continue leading Tesla, X, and SpaceX.

"All actions taken by the Government Performance Board will be posted online for maximum transparency," Musk posted on X, inviting the public to provide solutions.

"We're also going to have a ranking of the craziest stupid things your tax dollars are spending. It's going to be both incredibly tragic and incredibly entertaining," the head of the US government reform agency promised.

Dogecoin Price Increases Following DOGE

According to CNBC, with a latest increase of nearly 20% on the night of November 12 (US time), Dogecoin continued its long-term upward trend since Mr. Trump was elected US president.

As one of the biggest “winners” in the post-US election crypto bull run, Dogecoin has so far gained 153%, far outpacing bitcoin’s 30% gain over the same period.

Dogecoin also surpassed XRP this week to become the 6th largest cryptocurrency by market capitalization