- DOGE aims to “slash excess regulations [and] cut wasteful expenditures”
- In a statement, Trump said the new agency should finish their work no later than July 4, 2026
- Following the news, Dogecoin rose to $0.4121
President-elect Donald Trump has announced that Elon Musk and Vivek Ramaswamy will lead the Department of Government Efficiency (DOGE) to “dismantle government bureaucracy.”
Tesla CEO Musk and entrepreneur Ramaswamy will “dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies – Essential to the ‘Save America’ movement,” said Trump in a post on Truth Social.
According to Trump, the objectives of DOGE have been dreamed of by Republicans for a “very long time.”
The aim of the new agency is to provide advice and guidance outside of the US government, and to work with the White House and the Office of Management and Budget as they “drive out the massive waste and fraud” within the $6.5 trillion federal budget.
Per the statement, Trump said that their work will finish no later than July 4, 2026.
In a post on X, Musk said all actions of DOGE “will be posted online for maximum transparency.”
All actions of the Department of Government Efficiency will be posted online for maximum transparency.
Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know!
We will also have a leaderboard for most insanely dumb… https://t.co/1c0bAlxmY0
— Elon Musk (@elonmusk) November 13, 2024
Musk, who was a familiar face during Trump’s election campaigns, has become an influential figure within the Trump administration.
Since Trump’s election campaign, Musk has played a “significant role” in shaping the Trump administration and even appeared in a Trump family photo on election night, reports ABC News.
According to federal spending records, Musk contributed around $119 million to a pro-Trump spending group.
Following the news of the new DOGE agency, the price of Dogecoin rose to $0.4121, according to data from CoinMarketCap. In the past seven days, the altcoin has risen by nearly 95% amid a wider price rally within the crypto market, following Trump’s election win.