President-elect Donald Trump has tapped Elon Musk and Vivek Ramaswamy to head a new agency, the Department of Government Efficiency (DOGE), with a mission to cut federal spending and streamline regulations.
According to Trump, the agency will aim to “dismantle government bureaucracy, reduce regulatory burden, eliminate wasteful spending, and restructure federal agencies for greater efficiency.”
“This will send shockwaves through the system, especially among those entrenched in government waste— and there are many,” Musk stated during the announcement.
DOGE to cut waste from $6.5 trillion in government spending
DOGE is expected to offer a fresh perspective on government management, collaborating with the White House and the Office of Management and Budget to implement “a transformative approach to government, one with a distinctly entrepreneurial mindset.”
The initiative includes reviewing and addressing inefficiencies within the $6.5 trillion the U.S. government spends annually. In fiscal year 2024, official records show the federal government spent $6.75 trillion, an increase of $617 billion compared to the previous year.
“I am excited to see Elon and Vivek bring efficiency reforms to the federal bureaucracy that will ultimately benefit all Americans,” Trump commented.
Dogecoin price is up 150% since election
In parallel with Trump’s election, Dogecoin— Musk’s preferred cryptocurrency—has seen a dramatic surge, rising about 150% since election day. On November 12, Dogecoin briefly peaked at over $0.4, marking its highest point since May 2021. As of now, it’s trading around $0.38, a slight dip of about 8% from its recent high, according to CoinGecko data.
Musk’s involvement in DOGE follows his renewed collaboration with Trump after restoring Trump’s account on X (formerly Twitter), which Musk acquired for $44 billion in 2022.
In August, Trump suggested he might consider Musk for a Cabinet or advisory position in 2025 if he secures the White House.
Ramaswamy, Musk’s co-lead for DOGE, is also a notable supporter of cryptocurrency. During his 2023 presidential campaign, Ramaswamy advocated for sweeping deregulation of crypto markets before ultimately suspending his campaign in January 2024.
Earlier this month, Ramaswamy’s asset management firm, Strive Enterprises, launched a wealth management division that integrates Bitcoin into its client portfolios, marking a notable step in his ongoing support for cryptocurrency.
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