President-elect Donald Trump has appointed Elon Musk and former Republican presidential candidate Vivek Ramaswamy to lead the new Department of Government Efficiency. This department, which Trump describes as operating outside traditional government structures, is aimed at cutting bureaucracy, reducing regulations, and restructuring federal agencies. Musk and Ramaswamy’s roles are informal, meaning they won’t require Senate confirmation, allowing Musk to continue heading Tesla, SpaceX, and X (formerly Twitter).
Trump said the initiative would fulfill long-standing Republican goals by introducing an entrepreneurial approach to streamline government. The department is expected to work with the White House and the Office of Management & Budget to drive substantial structural reform, with the project concluding by July 4, 2026, the 250th anniversary of America’s Declaration of Independence.
Musk’s involvement could boost the market value of his businesses, particularly in areas like artificial intelligence and cryptocurrency. He previously donated millions to Trump’s campaign and made several appearances with him, increasing speculation about his growing influence in Washington. According to Daniel Ives, an equities analyst at Wedbush Securities, Musk’s role could bring major advantages to Tesla and Musk’s other ventures, calling this move “a poker play for the ages.”
Trump likened this efficiency project to the Manhattan Project, which developed the atomic bomb in World War II, while Musk assured that the initiative would be transparent in its efforts to transform government operations.
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