Today, an interesting development drew attention. Tesla and SpaceX CEO Elon Musk was appointed by Donald Trump to “manage” the D.O.G.E. Here are the details…
Elon Musk has entered the “government”
The newly elected President of the United States, Donald Trump, has appointed Elon Musk and Vivek Ramaswamy to manage the Department of Government Efficiency (DOGE), a new government agency that aims to reduce federal spending and ease regulations. It was stated that the new organization will “dismantle the government bureaucracy, reduce unnecessary regulations, cut wasteful spending and restructure federal agencies.” Following this statement, Musk said, “This will have a huge impact on the system and will affect a lot of people involved in government waste.” DOGE’s mission will be to reduce waste in government spending of $6.5 trillion.
The newly established DOGE will provide advice and guidance from outside the government. It also aims to lead the government in a new direction through “large-scale structural reform” and “an unprecedented entrepreneurial approach” by collaborating with the White House and the Office of Management and Budget. One of DOGE’s tasks will be to address waste in the US government’s annual spending of $6.5 trillion. According to official US government data, $6.75 trillion was spent in fiscal year 2024, with federal spending up $617 billion from the previous year. “I look forward to Elon and Vivek making the federal bureaucracy more efficient while also improving life for all Americans,” Trump said.
Dogecoin price up 150% since election
Since Trump’s presidential victory, the price of Dogecoin (DOGE), Elon Musk’s favorite cryptocurrency, has seen a major increase, rising by nearly 150% since Election Day. On November 12, Dogecoin briefly reached the $0.4 level for the first time since May 2021. At the time of writing, the cryptocurrency is trading at $0.38, a decline of around 8% in the past 24 hours. The Tesla CEO’s leading position in Trump’s DOGE continues to strengthen the relationship between the two since Musk reinstated Trump’s X (formerly Twitter) account in November 2022. Musk purchased X for $44 billion.
In August, Trump said he would consider appointing Musk to his Cabinet or an advisory position if he were to become president in January 2025. Musk’s co-leader in DOGE, Ramaswamy, is known for his support for cryptocurrencies. He advocated for greatly reducing cryptocurrency regulations during his November 2023 presidential campaign. Ramaswamy withdrew from the 2024 presidential race in January. In early November 2024, Ramaswamy’s asset management firm Strive Enterprises announced the establishment of a new wealth management unit that integrates Bitcoin into client portfolios.
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