President-elect Donald Trump has announced that entrepreneur Elon Musk and biotech founder Vivek Ramaswamy will co-lead the newly created Department of Government Efficiency (D.O.G.E).
The announcement comes just days after Trump's re-election as the 47th President of the United States (POTUS).
Donald Trump names D.O.G.E leaders
The statement, posted on Trump’s Truth Social account, promised that D.O.G.E. would lead “The Save America Movement.” It would streamline federal functions to reduce government spending and dramatically increase operational efficiency. Trump’s statement called D.O.G.E. “potentially the ‘Manhattan Project’ of our time,” comparing the new agency’s goals to the ambitious World War II-era initiative.
He explained that the plan aims to dismantle excessive bureaucracy and reduce the US government's annual spending of $6.5 trillion.
They will work together to free our Economy and hold the United States Government accountable to ‘WE THE PEOPLE,’” Trump declared.
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Additionally, the president-elect also projected that Musk and Ramaswamy’s work would culminate in a “smaller government, with more efficiency and less bureaucracy” by July 4, 2026. Interestingly, that date would mark the 250th anniversary of the Declaration of Independence. Elon Musk, known for his critical views on government waste and bureaucracy, enthusiastically supported the project.
This will send shockwaves through the system, and anyone involved in government waste, which is a lot of people!” a paragraph in Trump’s post read, quoting Musk.
The billionaire entrepreneur and alleged father of Dogecoin (DOGE) later reposted Trump’s announcement on X (formerly Twitter). He added his usual twist with comments like “Threat to democracy? No, a threat to BUREAUCRACY!”
Announcement made memecoin skyrocket
The D.O.G.E acronym quickly garnered attention, resonating with fans of the popular memecoin Dogecoin, which Musk famously supported. Amid the excitement, Dogecoin surged by more than 10%. This surge was fueled by speculation that Musk’s leadership of D.O.G.E could signal a future integration of cryptocurrency into the initiative or its business.
DOGE price performance. Source: BeInCrypto
As BeInCrypto reported, Musk recently hinted at reintroducing Dogecoin as a payment option for Tesla merchandise. This speculation also added momentum to Dogecoin’s price surge following Trump’s announcement.
Meanwhile, Vivek Ramaswamy, the biotech entrepreneur and former Republican presidential candidate, has signaled his commitment to Trump's cause.
“We will not go softly, @elonmusk,” Ramaswamy shared on X.
He also confirmed that he would withdraw from the Ohio Senate race. That means Ohio Governor Mike DeWine will be able to appoint a successor to the seat soon to be vacated by Senator J.D. Vance, the US vice president-elect.
D.O.G.E mission under criticism
The Office of Government Efficiency’s mission has also faced criticism from officials and critics. Economist Peter Schiff, a vocal Bitcoin skeptic, has expressed caution.
Good luck, guys. Remember, all you can do is propose closing federal departments and agencies. To actually close any, Congress must vote to do so, Schiff wrote.
The Bitcoin critic, however, referenced past attempts to close agencies like the Department of Education. He noted that even Ronald Reagan’s efforts to reduce federal functions failed to achieve structural cuts.
While Musk’s alignment with D.O.G.E has boosted interest in Dogecoin, analysts remain cautious. As BeInCrypto recently reported, while Musk’s involvement is likely to incite enthusiasm for the coin, its long-term viability depends on concrete economic applications. For now, though, Trump’s announcement has put DOGE—both the agency and the cryptocurrency—in the spotlight.
The article Elon Musk to lead D.O.G.E, US efficiency department appeared first on BeInCrypto Brasil.
