Elon Musk to Lead New US Government Efficiency Department

Billionaire Elon Musk and former US presidential candidate Vivek Ramaswamy are set to head the newly established Department of Government Efficiency (DOGE) under the US government.

President Donald J. Trump announces the Department of Government Efficiency (DOGE) — headed by @elonmusk and @VivekGRamaswamy pic.twitter.com/Ya2o45qlV8

— Trump War Room (@TrumpWarRoom) November 13, 2024

The department’s mission will be to reform the government to reduce administrative costs and combat bureaucracy. DOGE aims to apply an “entrepreneurial approach” and offer a fresh perspective on the workings of the US government apparatus.

This will involve the abolition of some government structures and the downsizing of others. The necessary reforms are promised to be completed by July 4, 2026, coinciding with the 250th anniversary of the US Declaration of Independence.

The idea for DOGE was first proposed in August during an interview between Musk and Donald Trump. The entrepreneur suggested himself as the head of a special department for government optimization, a proposal that was supported by the then-presidential candidate.

Soon after, Musk posted an image of himself at a podium with the words Department of Government Efficiency and the acronym D.O.G.E. In the caption, the billionaire wrote “Ready to serve.”

“Together, these two remarkable Americans will pave the way for my administration to eliminate government bureaucracy, reduce excessive regulations, cut wasteful spending, and restructure federal agencies,” Trump stated.

Both leaders of DOGE have shown themselves to be opponents of government regulations. Ramaswamy has spoken out against the implementation of CBDCs and criticized the government for sanctions against the crypto mixer Tornado Cash.

Musk has repeatedly boosted Dogecoin and called the meme coin his “favorite cryptocurrency.” Following Trump’s victory, he supported Senator Mike Lee’s call to abolish the Fed. The billionaire is also known for radical cost-cutting measures in companies under his control.

According to Musk, downsizing and process review could slash the government budget by $2 trillion (nearly a third of the current $6.5 trillion). Experts believe this is an overly optimistic forecast, and reducing the budget by even $200 billion would be a significant achievement.

Despite Musk’s involvement and the acronym’s parallel to the DOGE ticker, news of the new department’s leadership had no noticeable effect on the market.

The dog-themed meme coin, which had seen a significant boost amid the US presidential elections, has instead slowed its growth. At the time of publication, the coin is trading around $0.37 after peaking at $0.43.

Previously, the price of Dogecoin surged 51% in a day, reaching a three-year high.