Donald Trump has established a new department to enhance US government efficiency by appointing Elon Musk and Vivek Ramaswamy as its heads.
Appointment and Goals of D.O.GE
President-elect Donald Trump has appointed Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy as heads of the new Department of Government Efficiency (D.O.GE). The department aims to combine agencies, reduce unnecessary regulations, and end wasteful spending, thereby promoting economic growth and job creation. These measures also align with Trump's aim to shrink the scope of the federal government.
Elon Musk's Approach to Transparency
Elon Musk announced that the department would operate with a high level of transparency. All agency actions will be posted online to keep the public informed and engaged. Musk invited citizens to report 'cuts to essential programs or wasteful spending' so the agency could adjust its efforts accordingly. A public 'leaderboard' of taxpayer money's most wasteful spending is planned, making the process more informative and accessible.
Market Reaction to the Initiative
News of Musk's appointment led to a significant jump in Dogecoin, a cryptocurrency linked to his social media activity. Before the announcement, the crypto rose by 6%, and its value fluctuated. This rally is the highest since Trump's 2024 election win. Despite a recent dip to $0.38, Dogecoin has increased 112% in the past week due to Musk's influence and his participation in significant government initiatives.
The initiative led by Elon Musk and Vivek Ramaswamy sets ambitious goals for reducing bureaucracy and creating an entrepreneurial culture within the US government, which has been positively received by the market.
