Department of Government Efficiency, hay "DOGE" will be led by Tesla CEO Elon Musk and Strive co-founder Vivek Ramaswamy.
Newly elected U.S. President Donald Trump has announced that he has chosen Tesla CEO Elon Musk and Strive Enterprises co-founder Vivek Ramaswamy to lead the Department of Government Efficiency (DOGE), as proposed earlier by billionaire Elon Musk.
Trump said: "Together, these two great Americans will pave the way for my Administration to dismantle the bureaucracy, cut excessive regulations, cut wasteful spending, and restructure federal agencies." The new department will be tasked with reforming the structure from outside the government and applying a "business approach" together with the White House and the Office of Management and Budget.
Previously, Musk had proposed the establishment of this agency under the name "DOGE" when he had contributed millions of dollars to Trump's election campaign and participated in rallies with the former President. Musk is also a long-time supporter of the MEME cryptocurrency Dogecoin, the ticker symbol of which coincides with the name of the newly established department.
Since Trump's victory, Musk has been involved in personnel decisions and has taken on a "key role" in the upcoming administration, according to ABC News.
American entrepreneur Ramaswamy, who previously competed with Trump in the Republican presidential primary, officially endorsed Trump after ending his own campaign. On the X platform, Ramaswamy shared: "We won't give up easily." Musk also posted, "A threat to democracy? No, a threat to the bureaucracy!!!"
Meanwhile, the price of Dogecoin has increased by 12.2% in the last 24 hours, reaching $0.406, up 136% in the past week amid a strong rally in the cryptocurrency market, according to data from The Block. The market capitalization of Dogecoin is currently at $60 billion.
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The article "Elon Musk's DOGE plan" approved by Mr. Trump first appeared on CoinMoi.
