Donald Trump plans to fight ‘waste and fraud’ with Elon Musk and DOGE

In a major administrative move, the incoming President has created the Department of Government Efficiency — a new agency that is expected to streamline regulations and curb federal spending. On November 12, he issued a statement explaining that the new agency will be led by ‘the Great Elon Musk’ accompanied by former Presidential candidate Vivek Ramaswamy.

“Together, these two wonderful Americans will pave the way to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” Donald Trump announced.

Abbreviated ‘DOGE,’ the new agency will work outside the U.S. government, partnering with the White House to provide external recommendations from an entrepreneurial perspective. By fostering innovation within government systems, the agency is expected to target inefficiencies within the $6.5 trillion annual federal budget, which rose by $617 billion in the last fiscal year alone.

Musk’s role in the newly created agency reflects the evolving professional ties between him and Trump since Musk reinstated Trump’s account on the X platform in late 2022 after acquiring the social media company. Additionally, the choice of DOGE as the agency’s acronym hints at Musk’s favorite cryptocurrency, Dogecoin, which experienced a surge following the announcement, briefly reaching a price of $0.4 on November 12, its highest point since 2021.

Ramaswamy, Musk’s co-lead at DOGE, has actively championed cryptocurrency deregulation. His firm, Strive Enterprises, recently introduced a wealth management service that incorporates Bitcoin into client portfolios, further underscoring his advocacy for crypto in the financial landscape.