Elon Musk's government efficiency department has attracted widespread attention in the United States. Some politicians believe that this will be just a failed attempt by the billionaire, but Wall Street elites have different views.
Cathie Wood, CEO of hedge fund ARK Invest, said she supports Musk's work as leader of the federal government's audit committee and believes Musk will improve the efficiency of the U.S. government.
The famous Wall Street star emphasized on Friday that Musk has a unique understanding of the current technology landscape and has more proprietary data than anyone else. She believes that artificial intelligence is the core of his work, and proprietary data is the magic weapon for success.
Wood said he has access to proprietary data from many companies, far more than any other CEO, a point acknowledged by Musk, who said last year that data could be more valuable than gold.
No distinction between public and private
Cathie Wood has been a long-time supporter of Musk and his companies. Various ETFs in her $6 billion ARK Invest fund hold large amounts of shares in Musk's companies SpaceX and Tesla. She noted that Wall Street has been studying Musk for years as he has built one successful business after another.
Musk's companies are indeed spread across all areas of the technology industry and have a lot of data. Among them, SpaceX's Starlink operates satellites to provide Internet access services to the world; Tesla collects road and driver behavior data through its autopilot function; X contains consumer data from hundreds of millions of users.
In addition to Musk, another person who leads the Government Efficiency Department, Raswamy, also has his strengths. As a biotechnology investor, he evaluates the fiscal costs of the US government from the perspective of healthcare. Wood Sister is optimistic that they will use technology and other reasonable measures to truly control government spending.
But this does not mean that all is well for the Department of Government Efficiency. Since cutting fiscal spending will inevitably involve the wishes of Congress, almost everyone agrees that Musk and Raswami will face considerable political challenges.
Commentators pointed out that Musk and Raswami are not elected officials, so even if they fail, they will not bear the consequences, but congressmen are different. The controversy and public resentment caused by spending cuts will directly affect the congressmen. And from the perspective of congressmen, the US government is actually very efficient. Each department operates independently after defining its responsibilities, and Congress only needs to be responsible for supervision and funding.
Others further suggest that voters don’t really want the government to be more efficient. Every town has a post office, a social security office that has someone to answer boring questions, and federal land agents riding horses around. These are all inefficient in the eyes of entrepreneurs, but they are habitual to taxpayers. This fundamental difference between the private sector and public organizations makes many people believe that the future of the government efficiency department is worrying, but so far, Musk, Trump and his supporters are full of confidence in the goal of "streamlining the US government."
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