Billionaires are lining up to serve in President-elect Donald Trump‘s incoming administration, especially those eager to cut federal assistance programs.
Bill Ackman is one of them.
On Friday morning, when a user on X asked whether the Pershing Square Capital founder would “consider joining Elon [Musk] in the Department of Government Efficiency,” Ackman replied with a single word: “Yes.”
Musk has proposed the idea of creating a “Department of Government Efficiency.” This hypothetical agency would slash federal spending by the trillions. Should such a plan come to fruition, analysts suggest programs like health care, food security and housing would be gutted.
Trump was receptive to this idea.
Ackman is among Trump’s most ardent Wall Steet supporters. The billionaire told CNBC that he’s unfazed by the potential market implications of a second Trump administration.
Musk contributed nine-digit sums to Trump’s campaign and organized much of Trump’s ground game.
The Tesla Inc. CEO has also openly said Americans will experience “temporary hardship” once federal cuts are made.
According to the U.S. Treasury, the country’s federal budget was $6.75 trillion in 2024. Musk’s proposal to make large cuts to the federal budget would necessitate shedding several categories. Analysts put social security, military spending, Medicare, and veterans benefits on that list.
It remains to be seen how high of a legislative priority this will be for Trump.
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