Trump confirms ‘DOGE’ efficiency dept. will be led by Musk and Ramaswamy as Dogecoin’s market cap swells
Quick Take
- President elect Donald Trump announced Tuesday that Tesla CEO Elon Musk and Strive co-founder Vivek Ramaswamy will lead the Department of Government Efficiency, or “DOGE.”
- Dogecoin’s market capitalization has soared recently to $60 billion.
U.S. President-elect Donald Trump announced that he has chosen Tesla CEO Elon Musk and Strive Enterprises co-founder Vivek Ramaswamy to lead the Department of Government Efficiency (DOGE).
“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,” Trump wrote in his announcement.
The president-elect added that the upcoming department will provide guidance to drive large-scale structural reform from outside of the U.S. government, and take an unprecedented “entrepreneurial approach” as it works together with the White House and Office of Management and Budget.
Previously, Musk discussed creating the government body titled “DOGE,” as he spent tens of millions of dollars to help former President Trump’s re-election in November, appearing at Trump’s campaign rallies. Musk is also a long-time supporter of meme cryptocurrency Dogecoin, which has a ticker same as the acronym of the upcoming department.
Since Trump’s victory, Musk has been offering input on staffing decisions and stepped up to have a “significant role” in the upcoming administration, ABC News reported Tuesday.
U.S. entrepreneur Ramaswamy previously competed against Trump for the Republican presidential nomination but later endorsed the president-elect.
“We will not go gently,” Ramaswamy wrote on X as he shared the news. Musk also posted, “Threat to democracy? Nope, threat to bureaucracy!!!”
On the other hand, Democratic Senator and crypto pessimist Elizabeth Warren left a skeptical remark about the appointment in a post on X.
“The Office of Government Efficiency is off to a great start with split leadership: two people to do the work of one person,” Warren wrote. “Yeah, this seems really efficient.”
Sen. Warren recently won her fourth term in the Senate against Republican crypto-friendly candidate John Deaton.
Meanwhile, the price of Dogecoin rose 12.2% in the past 24 hours to $0.406, surging 136% in the past week amid a broader crypto market rally, according to The Block's price page. Its market capitalization currently sits at $60 billion.
The article has been updated with more details.
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