WASHINGTON, November 13,2024: US President-elect Donald Trump has announced the creation of a new “Department of Government Efficiency,” naming Elon Musk and former Republican presidential candidate Vivek Ramaswamy as co-leaders.
The department’s mission will be to overhaul the federal government by reducing bureaucracy, slashing unnecessary regulations, cutting wasteful spending, and restructuring federal agencies.
In a statement, Trump described the new initiative as a way to bring “outside-the-box” thinking into government, with Musk and Ramaswamy providing strategic guidance from outside the traditional political system.
Read More: U.S. Dollar Hits Four-Month High, Bitcoin Surges as Trump Policies Loom
The roles will be informal, not requiring Senate confirmation, allowing Musk to continue his leadership of Tesla, SpaceX, and X (formerly Twitter), while still advising the White House on government reform.
Trump emphasized that the new department would work closely with the White House and the Office of Management and Budget to drive large-scale structural reforms, aiming to bring an entrepreneurial approach to how the federal government operates.
Musk, the world’s wealthiest person, has long been a supporter of Trump, having donated millions to his campaign and made public appearances with the president-elect.
Also Read More: Economic Effects of Trump’s Win on Gold Prices in Pakistan
This new role further cements Musk’s growing influence in Washington, raising questions about the potential for his business ventures, including artificial intelligence and cryptocurrency, to benefit from closer ties to the federal government.
Political analysts have speculated that Musk’s involvement in this reform effort could lead to more favorable government policies for his companies.
“It’s clear Musk will have a massive role in the Trump administration,” said Daniel Ives, an equity analyst at Wedbush Securities, in a recent research note.