U.S. President-elect Donald Trump on Tuesday named Elon Musk to a role aimed at creating a more efficient government, handing even more influence to the world’s richest man who donated millions of dollars to helping Trump get elected.Musk and former Republican presidential candidate Vivek Ramaswamy will co-lead a newly created Department of Government Efficiency, an entity Trump indicated will operate outside the confines of government.Trump said in a statement that Musk and Ramaswamy “will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.”

Trump said the new department will realize long-held Republican dreams and “provide advice and guidance from outside of government,” implying Musk and Ramaswamy’s roles would be informal, requiring no Senate approval and allowing Musk to continue as CEO of electric car company Tesla (TSLA.O), social media platform X, and rocket company Space X. Trump stated that the new agency will collaborate with the White House and the Office of Management and Budget to “drive large-scale structural reform, and create an entrepreneurial approach” to government that had never been seen before. The construction would be completed by July 4, 2026, the 250th anniversary of the signing of the Declaration of Independence.

Logo Home(current) News topics include politics, security, and the economy. Local Sport International Language Trump names Elon Musk to lead the government’s efficiency effort. International Today, 09:24 +A -A INA-SOURCES U.S. President-elect Donald Trump selected Elon Musk to a position focused at improving government efficiency on Tuesday, giving the world’s richest man even more clout after he donated millions of dollars to help Trump win the election. Musk and former Republican presidential candidate Vivek Ramaswamy will co-lead the newly formed Department of Government Efficiency, which Trump has hinted will operate outside of government. In a statement, Trump stated that Musk and Ramaswamy “will pave the way for my administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies.”

“We believe the major benefits for Musk and Tesla far outweigh any negatives, as this continues to be a ‘poker move for the ages’ by Musk betting on Trump,” Ives said. Public Citizen, a progressive consumer rights organization that opposed several of Trump’s first-term measures, blasted the move. “Musk not only knows nothing about government efficiency and regulation, but his own businesses have repeatedly violated the very rules he will be able to attack in his new ‘czar’ position,” Lisa Gilbert, co-president of Public Citizen, said in a statement. “This is the ultimate corporate.”

MAXIMUM TRANSPARENCY PROMISEDTrump likened the efficiency effort to the Manhattan Project, the U.S. undertaking to build the atomic bomb that helped end World War Two, while Musk promised transparency.”All actions of the Department of Government Efficiency will be posted online for maximum transparency,” Musk said on X, inviting the public to provide tips.”We will also have a leaderboard for most insanely dumb spending of your tax dollars. This will be both extremely tragic and extremely entertaining,” Musk said.Musk said at a Trump rally at Madison Square Garden in October that the federal budget could be reduced by “at least” $2 trillion. Discretionary spending, including defense spending, is estimated to total $1.9 trillion out of $6.75 trillion in total federal outlays for fiscal 2024, according to the Congressional Budget Office.

Your money is being squandered, and the Department of Government Efficiency will remedy it. “We’re going to get the government off your back and out of your pocket,” Musk stated during the event. The new department’s acronym, DOGE, also refers to the cryptocurrency dogecoin, which Musk favours. In August, Musk and Tesla won the rejection of a federal case accusing them of defrauding investors by promoting dogecoin and engaging in insider trading, resulting in billions of dollars in damages. Dogecoin has more than doubled since Election Day, mirroring a boom in cryptocurrency markets amid expectations of a lighter regulatory environment under a Trump administration. Tesla shares dipped on Wall Street ahead of the announcement, but have risen almost 30% subsequently.

In August, Musk and Tesla won the rejection of a federal case accusing them of defrauding investors by promoting dogecoin and engaging in insider trading, resulting in billions of dollars in damages. Dogecoin has more than doubled since Election Day, mirroring a boom in cryptocurrency markets amid expectations of a lighter regulatory environment under a Trump administration. Tesla shares dipped on Wall Street ahead of the announcement, but had risen by approximately 30% since the election. Ramaswamy, the founder of a pharmaceutical company, competed for the Republican presidential nomination against Trump and then backed the former president after dropping out. Ramaswamy stated that the appointment means he is withdrawing from consideration for the upcoming U.S. Senate appointment in Ohio,