Elon Musk will be Trump's "scissors" - Appointed to head the Department of Efficiency
President-elect Donald Trump named Elon Musk to head the Department of Efficiency, a new agency that will focus on cutting red tape, spending and excessive regulations. Musk, who is a strong supporter of Trump, can use this role to influence government policy and promote his business interests.
US President-elect Donald Trump appointed Elon Musk to a role aimed at creating a more efficient government, giving more influence to the world's richest man. Musk and former Republican presidential candidate Vivek Ramasamy will co-head a newly created Department of Government Efficiency, an entity that Trump indicated will operate outside the confines of government.
The new president said in a statement that Musk and Ramaswamy "will pave the way for my administration to dismantle government bureaucracy, cut excessive regulations, cut wasteful spending and restructure Federal Agencies."
Trump added that the new department would fulfill longtime Republican dreams and "provide advice and guidance from outside government," signaling that Musk and Ramsay's roles would be informal, without requiring Senate approval and allowing Musk to remain the head of the electric car company Tesla and to hold the social media platform X and the rocket company SpaceX.
Musk, ranked by Forbes as the world's richest person, is expected to wield great influence to help his companies and secure favorable government treatment. Musk gave millions of dollars to support Trump's presidential campaign and appeared in public with him several times.
But adding a government portfolio to Musk's plate could help boost the market value of his companies and favored businesses like artificial intelligence and cryptocurrencies.
Musk told a Trump rally at Madison Square Garden in October that the federal budget could be cut by "at least" $2 trillion. According to the Congressional Budget Office, discretionary spending, including defense spending, is estimated at $1.9 trillion, out of $6.75 trillion in total federal costs for fiscal year 2024. "Your money is being wasted, and the Department of Government Efficiency will fix it this," Musk said.
The new department's acronym, DOGE, also refers to the name of the dogecoin cryptocurrency that Musk is promoting. Dogecoin has more than doubled since Election Day, while Tesla shares are up about 30% following the election result.
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