President-elect Donald Trump announced late Tuesday that he has appointed Elon Musk and Vivek Ramaswamy to head the Department of Government Efficiency, also known as DOGE.
Musk and Ramaswamy “will pave the way for my Administration to dismantle government bureaucracy, cut redundant regulations, cut wasteful spending, and restructure federal agencies,” Trump said in a statement posted on Truth Social.
“Together, these two great Americans will pave the way for my administration to dismantle government bureaucracy, cut redundant regulations, cut wasteful spending, and restructure our Federal Agencies — essential elements of the ‘Save America’ Movement,” he said, likening the effort to a modern-day “Manhattan Project.”
“This will shake up the entire system and anyone involved in government waste, which is a lot of people!” Musk said in the same statement.
Trump's New DOGE Set Aims to Cut Government Waste With Musk's Operational Expertise
Musk and Ramaswamy were among the most prominent Trump surrogates in the 2024 presidential race, which Trump ultimately won last week.
Trump appears to have created the DOGE department to conduct a comprehensive audit of the federal government’s finances and performance, with the aim of recommending necessary reforms. The initiative is specifically focused on reducing waste and increasing efficiency.
Furthermore, Trump sees Musk's involvement as an opportunity to apply his proven expertise in optimizing operations, drawing from his success at Tesla and SpaceX.
Musk's support for Trump and donations spark conflict-of-interest controversy
Musk has endorsed Trump, donating at least $119 million to his campaign through a pro-Trump political action committee, America PAC. As such, he is seen as an influential ally who could help push policies that promote innovation and reduce regulatory burdens — issues Musk has long championed.
However, Musk’s companies, SpaceX and Starlink, hold secured contracts with the US Armed Forces, which has raised questions about how he would handle potential conflicts of interest related to those contracts.
Trump hints at Ramaswamy's future role despite initially remaining silent about his involvement
Ramaswamy’s involvement in the department was not initially planned to be made public. However, during his campaign, Trump hinted at a future role for Ramaswamy, suggesting that he could oversee one of the “big monsters” in government.
Ramaswamy had previously run for president as a Republican. However, he acted as a spoiler in debates where Trump chose not to appear. After withdrawing from the candidacy, he publicly endorsed Trump.
Dogecoin Up Nearly 140% Since Election Results
Likewise, Musk's appointment as head of DOGE has had a significant impact on Dogecoin's price, fueled by his previous endorsement of the cryptocurrency. His frequent mentions and promotions often trigger speculative buying.
Dogecoin ($DOGE) has now regained the spotlight, hitting a three-year high above $0.41. Expectations that Musk could leverage his new role to benefit Dogecoin, combined with his verbal support, have caused the cryptocurrency market to react very strongly to his actions and words.
