President-elect Donald Trump announced Tuesday his plan to appoint Tesla Inc TSLA CEO Elon Musk and former presidential candidate Vivek Ramaswamy to lead a new Department of Government Efficiency (DOGE), aimed at restructuring federal agencies and reducing government spending.
What Happened: The initiative, which Trump compared to “The Manhattan Project,” will focus on dismantling bureaucracy, reducing regulations, and cutting wasteful expenditures. The department is scheduled to complete its work by Jul. 4, 2026, coinciding with America’s 250th independence anniversary.
“Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy,” Trump said in a statement. The department will work alongside the White House and Office of Management & Budget to implement structural reforms.
Musk, who shared the announcement on X (formerly Twitter), stated the changes would “send shockwaves through the system.” The department’s name, DOGE, shares its acronym with a cryptocurrency Dogecoin DOGE/USD Musk has previously promoted.
“Department of Government Efficiency. The merch will be 🔥🔥🔥,” Musk stated in another post.
The initiative aims to address the federal government’s annual $6.5 trillion in spending by identifying and eliminating waste and fraud. Trump emphasized the department would operate from outside the government structure to bring an “entrepreneurial approach” to federal operations.
Ramaswamy, responding to the announcement on X, posted “We will not go gently,” while sharing Trump’s statement.
The department’s primary objectives include:
- Restructuring federal agencies
- Reducing government regulations
- Cutting wasteful spending
- Creating accountability measures
- Implementing structural reforms
The administration states this effort will make the U.S. government more accountable to citizens while promoting economic growth through reduced bureaucracy.
Price Action: Dogecoin is trading at $0.4081, marking a 12.58% increase over the past day. Over the last week, DOGE has surged by 118.81%, according to data from Benzinga Pro. A significant uptick of 91% was noted in DOGE trading volume, which hovered at $40.04 billion, at the time of writing.
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Image Via Pixabay
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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