Donald Trump Appoints Elon Musk And Vivek Ramaswamy To Lead Department Of Government Efficiency (DOGE), ''Dismantle Government Bureaucracy''

Donald Trump Appoints Elon Musk And Vivek Ramaswamy To Lead Department Of Government Efficiency (DOGE), ”Dismantle Government Bureaucracy”

BySteven Walgenbach

Updated: 13 November 2024

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US President-elect Donald Trump has confirmed that Tesla founder and billionaire Elon Musk will lead a new Department of Government Efficiency (DOGE) alongside Strive Enterprises co-founder Vivek Ramaswamy.

“Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” Trump wrote in an announcement shared in a Nov. 3 post on X

DOGE To Drive Large-Scale Structural Reform

Trump said that the new department will push for large-scale structural reform from outside of the US government. It will also take an “entrepreneurial approach” when it engages with both the White House and Office of Management and Budget, the announcement said.

When Elon & Vivek of DOGE arrive in DC pic.twitter.com/nEk2un8d82

— K10.13✨ (@Kristennetten) November 13, 2024

Trump added that both Musk and Ramaswamy will tackle the “massive waste and fraud” in $6.5 trillion of annual government spending in the US, and will complete their work no later than American Independence Day on July 4, 2026.

He believes that this will be “the perfect gift to America on the 250th Anniversary of the Declaration of Independence.”

Before the DOGE department can become an official government department, it will have to be established through Congress.

Dogecoin Soars On Elon Musk Appointment

The news that Musk, who is also known as the Doge Father because of his affection for Dogecoin, will be appointed to lead a new government department under the Trump presidency sent the DOGE price soaring.

The confirmation of the new department, whose acronym is the ticker of the leading meme coin, caused the crypto’s price to rise to a high of $0.4122 in the last 24 hours.

Despite undergoing a correction to trade at $0.3633 as of 2:49 a.m. EST, DOGE is still up more than 75% on the weekly time frame. Dogecoin also experienced a 42% surge in trading volumes during the past 24 hours.