President-elect Donald Trump announced that Tesla CEO Elon Musk and biotech investor Vivek Ramaswamy will lead a new initiative aimed at cutting government costs and reducing bureaucracy.

The project, dubbed Department of Government Efficiency (DOGE), is part of Trump's broader agenda to streamline federal operations when he assumes office again next year. The acronym DOGE is an obvious nod to Musk's favored cryptocurrency, Dogecoin.

In a Tuesday night statement, Trump said Musk and Ramaswamy “will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures and restructure Federal Agencies.” The agency will work closely with the White House and the Office of Management and Budget to address "massive waste and fraud" in the federal budget, which totals approximately $6.5 trillion annually.

Musk/Ramaswamy Cannabis, Psychedelics Support

Both Musk and Ramaswamy have on various occasions expressed support for legalizing cannabis and psychedelics. Musk has also acknowledged the therapeutic benefits of psychedelic drugs. The billionaire said in an interview that he thinks psychedelics can be “pretty helpful” for PTSD and depression.

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That said, the DOGE initiative is expected to send some not-so-psychedelic “shockwaves through the system," as it reduces the federal budget by “at least” $2 trillion, according to Musk.

Musk tweeted a warning to the wasteful on Wednesday. “There should be rewards for wise spending, but those who waste taxpayer funds cannot be allowed to keep doing so without consequences."

Incentives matter. There should be rewards for wise spending, but those who waste taxpayer funds cannot be allowed to keep doing so without consequences. https://t.co/5qupZtMHUC

— Elon Musk (@elonmusk) November 13, 2024

As Reuters pointed out, Musk already stood to benefit from Trump’s victory and now the richest man in the world is expected to “wield extraordinary influence to help his companies and secure favorable government treatment.”

The initiative, which Trump compared to the Manhattan Project, is not an official government department and will function as an advisory body rather than a formal agency.

The agency’s work is expected to conclude by July 4, 2026 — the 250th anniversary of the signing of the Declaration of Independence.

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