Former US President Donald Trump, who has returned to the White House, has officially announced that he has chosen Tesla CEO Musk and Strive Enterprises co-founder Vivek Ramaswamy to lead the newly created "Department of Government Efficiency (D.O.G.E.)". Trump wrote in the announcement:
"These two outstanding Americans will pave the way for my administration to dismantle government bureaucracy, reduce excessive regulation, cut wasteful spending, and restructure federal agencies,"
Trump added that the department will provide guidance from outside the US government, drive large-scale structural reforms, and collaborate with the White House and the Office of Management and Budget (OMB) with a "corporate-style management approach" like never before.
Musk had discussed establishing an agency called "DOGE" before the election and contributed tens of millions of dollars to help former President Trump win re-election in November. According to an ABC News report, Musk has been advising on personnel decisions and actively involved in the incoming administration since Trump's victory.
American entrepreneur Vivek Ramaswamy had competed with Trump for the Republican presidential nomination but later came to support Trump.
Vivek Ramaswamy wrote on the X platform when sharing this news:
"We will not back down easily."
Musk also posted:
"Threatening democracy? No, threatening the bureaucracy!"
At the time of writing, the price of Dogecoin (DOGE), which shares its name with the Department of Government Efficiency, has risen 7.7% in the past 24 hours and 109% in the past week, with its market capitalization briefly exceeding $60 billion as the broader cryptocurrency market rebounds.
