WASHINGTON, Nov 13: President-elect Donald Trump on Tuesday announced the creation of a new Department of Government Efficiency, tapping billionaire entrepreneur Elon Musk and former Republican presidential candidate Vivek Ramaswamy to lead the initiative. The department, which Trump described as a major component of his administration’s goals, will aim to streamline government operations by reducing bureaucracy, cutting regulations, and restructuring federal agencies.
In a statement, Trump indicated that Musk and Ramaswamy will spearhead the department’s work “outside the confines of government,” with their roles remaining informal and not requiring Senate approval. This structure allows Musk, the CEO of Tesla, SpaceX, and social media platform X, to maintain his corporate leadership positions while contributing to the administration’s goals.
The Department of Government Efficiency will collaborate closely with the White House and the Office of Management & Budget to “drive large-scale structural reform” and promote an “entrepreneurial approach” to government. Trump hopes to complete the department’s work by July 4, 2026, to coincide with the 250th anniversary of the signing of the Declaration of Independence.
Musk, who Forbes ranks as the world’s richest person, has been a vocal supporter of Trump, donating millions to his campaign and making public appearances with him. Analysts suggest this new role could further enhance Musk’s influence in Washington, potentially benefiting his businesses, particularly those in artificial intelligence and cryptocurrency sectors.
Wedbush Securities analyst Daniel Ives remarked that Musk’s appointment positions him to impact multiple federal agencies, describing the move as a “poker play for the ages.” Ives believes that the benefits for Musk and his ventures could outweigh any risks associated with the position.
Trump compared the efficiency initiative to the Manhattan Project, describing it as a transformative effort to eliminate wasteful spending. Musk has pledged that all actions of the department will be fully transparent, with updates posted online for public scrutiny. He also proposed a “leaderboard” ranking instances of government waste, which he described as both “tragic and entertaining.”
At a Trump rally in October, Musk estimated that federal spending could be reduced by at least $2 trillion, stating, “Your money is being wasted, and the Department of Government Efficiency is going to fix that.” The department’s acronym, DOGE, also humorously references the cryptocurrency dogecoin, which Musk has publicly supported.
Ramaswamy, who dropped out of the Republican presidential race and endorsed Trump, stated that he will no longer pursue a U.S. Senate appointment in Ohio, as Governor Mike DeWine is set to appoint a replacement for JD Vance, Trump’s incoming vice president. Ramaswamy, the founder of a pharmaceutical company, said he is honored to work alongside Musk in an effort to reform government spending and efficiency.
