President-elect Donald Trump has announced that Elon Musk, CEO of Tesla, and Vivek Ramaswamy, entrepreneur and former Republican primary candidate, will lead a new Department of Government Efficiency in his upcoming administration. The announcement was made on Tuesday (November 12), with Trump stating that the duo will work to "dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies."
The new department, also referred to as DOGE, is seen as an apparent nod to the popular cryptocurrency and the meme of a Shiba Inu. Trump has likened the initiative to the Manhattan Project, emphasizing its groundbreaking potential. During his campaign, Trump had hinted at creating a role for Musk, whose company SpaceX receives billions in federal government contracts. Ramaswamy, on the other hand, has campaigned on reducing the federal workforce by 75%.
The exact nature of the department, whether it will exist within or outside the federal government, remains unclear. The creation of an official government agency would require an act of Congress.
Musk has previously stated a goal of reducing government spending by $2 trillion, a move that could potentially impact his companies, including Tesla, SpaceX, X, and Neuralink.