U.S. President-elect Donald Trump announced this week the appointment of business moguls Elon Musk and Vivek Ramaswamy to key roles in his incoming administration.
The two will helm the newly created Department of Government Efficiency (DOGE), an advisory body aimed at streamlining federal operations.
In a statement, Trump described the initiative as a plan to " pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies." To avoid conflicts of interest, the DOGE will function as an external advisory body rather than a formal government department.
"I look forward to Elon and Vivek making changes to the Federal Bureaucracy with an eye on efficiency and, at the same time, making life better for all Americans,” the Republican leader added.
While the department’s mission is clear—improving federal efficiency—the exact scope of its authority remains uncertain, as it will operate outside the formal governmental structure. According to Reuters, Trump has already set a deadline for DOGE to deliver its roadmap: July 4, 2026, coinciding with the United States' 250th Independence Day celebration.
Libertarians in the heart of the US government
Musk and Ramaswamy, both conservative libertarian entrepreneurs with a critical view of the federal public sector, have been tapped to lead the newly established agency in tackling wasteful government spending.
Ramaswamy, a biotech businessman and founder of the pharmaceutical company Roivant, shares a collegiate background with Vice President-elect J.D. Vance. Musk, known for his ventures from SpaceX to Tesla, has existing federal contracts, such as SpaceX's collaboration with NASA.
The appointment of the two without requiring them to divest from their business interests has raised eyebrows among experts. Critics warn that their influential positions could grant their companies privileged access to government contracts. Others claim the role is a reward for Musk’s reported $200 million contribution to Trump’s presidential campaign.
Musk responded to concerns in a post on his platform X, promising complete transparency from the department. He vowed that all DOGE deliverables would be publicly accessible and reiterated the department's commitment to reducing what he described as "excessive" federal spending.
The Internet meme that inspired the name
The name of the newly established department has raised eyebrows for its striking resemblance to Dogecoin, the cryptocurrency long championed by Musk. Originally created in 2013 as a joke by two software engineers, Dogecoin features a Shiba Inu dog from a popular meme as its logo.
Over the years, Musk has become one of Dogecoin’s most prominent advocates, frequently influencing its value through social media posts and public statements. In one notable example, Musk replaced the logo of his social media platform X (formerly Twitter) with Dogecoin’s emblem in April 2023, causing the cryptocurrency’s value to surge by 23% in just 28 minutes.
However, Musk’s support for Dogecoin has not been without controversy. In June 2022, he faced a $258 billion lawsuit accusing him of operating a pyramid scheme to manipulate the currency's value. The lawsuit alleged that Musk artificially inflated Dogecoin’s price before allowing it to plummet, profiting billions in the process.
Despite these challenges, Musk has remained a steadfast supporter of the cryptocurrency. In December 2021, he announced that Tesla would accept Dogecoin for certain products, driving a 15% increase in its value.
As of November 16, 2024, Dogecoin is trading at approximately $0.37, with a daily trading volume of nearly $10.28 billion. It ranks seventh among cryptocurrencies by market capitalization, valued at $55.07 billion.
Social media is already celebrating
Social media quickly lit up following the announcement of Musk's new appointment, with users sharing a mix of reactions.
While many posted humorous takes "predicting" how Musk might run the new government office and drawing parallels to the cryptocurrency and meme with the same name, others expressed genuine hope that Musk and Trump’s collaboration could bring meaningful change and fresh energy to the U.S. government.
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