U.S. Presidential Announcement

U.S. President-elect Donald Trump has appointed Tesla CEO Elon Musk and Strive Enterprises co-founder Vivek Ramaswamy to head the newly formed Department of Government Efficiency (DOGE).

Trump stated, "Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies." The department aims to provide guidance for large-scale structural reform and will adopt an unprecedented "entrepreneurial approach" working alongside the White House and Office of Management and Budget.

Musk had previously discussed establishing the government body “DOGE,” investing tens of millions to support Trump's re-election and participating in his campaign rallies. His advocacy for meme cryptocurrency Dogecoin aligns with the department's acronym.

Since Trump's election win, Musk has been influential in staffing choices, taking on a “significant role” in the forthcoming administration, according to ABC News.

Ramaswamy, once a rival for the Republican nomination, later endorsed Trump. He expressed a strong stance on social media, writing, "We will not go gently," while Musk emphasized, "Threat to democracy? Nope, threat to bureaucracy!!!"

In related news, Dogecoin's price surged 12.2% to $0.406 in the past 24 hours, marking a 136% rise over the week, with a market cap of $60 billion.

The article has been updated with more details.