Tesla and Space X CEO Elon Musk talked about his potential role in the Department of Government Efficiency (DOGE) under a new Donald Trump administration.
What happened: In an interview with popular media personality Tucker Carlson, Musk explained that the idea behind the so-called DOGE department was to streamline federal spending by overseeing the operations of different agencies.
Musk underlined that the U.S. has far too many federal agencies, about 438 in total.
"That seems crazy," the tech mogul said, emphasizing the need to have fewer agencies.
Musk further stressed the importance of establishing a review process to determine which regulations are reasonable and which are not.
"If you got regulators, every year they are going to add more regulations," he stated. "There will be more rules and regulations every year until, basically, everything is illegal to get anything done."
The multi-billionaire said that the efficiency department would act as a "garbage collection" for regulations that don't make sense.
Musk said that he preferred calling the department ‘DOGE' as it was more ‘fun', in what was an oblique reference to Dogecoin DOGE/USD, a cryptocurrency that he has endorsed in the past.
Why It Matters: The concept of the commission was mooted by Musk in August, when he expressed a desire to lead the so-called department.
His suggestions were heard by Trump, who announced plans last month to create a government efficiency commission.
“I will create a government efficiency commission tasked with conducting a complete financial and performance audit of the entire federal government,” Trump said at the Economic Club of New York.
Musk has firmly thrown his support behind Trump since the failed assassination attempt on the former president in July.
Price Action: At the time of writing, Dogecoin was exchanging hands at $0.1092, plunging 4.73% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
