U.S. President-elect Donald Trump appointed Elon Musk to help lead a new initiative focused on creating a more efficient government. Musk, the world’s richest man and a significant supporter of Trump’s campaign, will co-head the Department of Government Efficiency alongside former Republican presidential candidate Vivek Ramaswamy.
According to Trump’s statement, Musk and Ramaswamy will work to “dismantle government bureaucracy, reduce excessive regulations, cut wasteful spending, and restructure federal agencies.” This new department, set to operate outside traditional government structures, will allow Musk and Ramaswamy to offer advisory roles without Senate approval, enabling Musk to remain at the helm of Tesla, SpaceX, and X (formerly Twitter).
Trump described the Department of Government Efficiency as a Republican ambition to bring private-sector strategies to government, coordinating with the White House and Office of Management and Budget to drive structural reform. He likened the effort to the Manhattan Project, the WWII initiative that developed the atomic bomb, promising large-scale government transformation by July 4, 2026, the 250th anniversary of the Declaration of Independence.
Musk, whose vast influence over government and industry is expected to expand under Trump’s administration, had pledged millions to support Trump’s campaign and attended campaign events. His new role may favor his companies, especially those in artificial intelligence and cryptocurrency. Daniel Ives, an equities analyst at Wedbush Securities, noted that Musk’s influence on government agencies under Trump will yield substantial benefits for Tesla and other Musk-led companies, describing the appointment as a “poker move for the ages.”
On X, Musk promised transparency, stating that all actions of the Department of Government Efficiency will be public, inviting citizens to contribute spending-cut ideas. He added a playful twist, announcing a “leaderboard” to highlight “the most insanely dumb spending of your tax dollars”—a project he claimed will be both “tragic and entertaining.”
At an October Trump rally in Madison Square Garden, Musk estimated he could help cut the federal budget by at least $2 trillion. Discretionary spending for 2024, including defense, is projected at $1.9 trillion, a portion of the $6.75 trillion total budget according to the Congressional Budget Office.
Musk’s role will also bring attention to “DOGE,” the department’s acronym, which aligns with Dogecoin, the cryptocurrency Musk frequently promotes. Musk and Tesla recently won the dismissal of a federal lawsuit accusing them of defrauding investors by promoting Dogecoin, underscoring his continued influence on both government and markets.
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