Elon Musk, Vivek Ramaswamy to lead Trump’s dodgy dept

President-elect Donald Trump has announced that entrepreneur Elon Musk and biotech founder Vivek Ramaswamy will co-head the newly created Department of Government Efficiency (DOGE).

The announcement comes days after Trump was re-elected as the 47th President of the United States (POTUS).

Donald Trump named the leaders of the DOGE

A statement posted on Trump's Truth Social account promised that DOGE would lead “The Save America Movement.” Facilitates federal operations to reduce government spending and greatly increase operational efficiency. Trump's statement called Doge a “modern-day Manhattan Project,” likening the new agency's goals to World War II-era initiatives.

He explained that the plan aims to reduce the US government's annual spending by 6.5 trillion dollars by breaking down excessive bureaucracy.

“WE THE PEOPLE will work together to free our economy and hold the American government accountable,” Trump said.

The president-elect also predicted that Musk and Ramaswamy's careers would end on July 4, 2026, with “smaller government, more efficiency and less bureaucracy.” In particular, this day will be the 250th anniversary of the Declaration of Independence. Elon Musk, known for his critical views on government waste and bureaucracy, has enthusiastically backed the project.

“This will send shock waves to anyone involved in the system and the government's garbage, which is a lot of people!” An article on Trump's post quoted Musk as saying.

The billionaire entrepreneur and father of Dogecoin (DOGE) retweeted Trump's announcement on X (formerly Twitter). Here, “A threat to democracy? No, for bureaucratic risk!”

The acronym DOGE quickly gained attention, echoing fans of the popular meme-based cryptocurrency Dogecoin that Musk famously backed. Amidst the hype, Dogecoin rallied over 10%. The rally was fueled by speculation that Musk's leadership of DOGE could indicate future cryptocurrency initiatives or mergers in his businesses.

As BeInCrypto reports, Musk recently hinted at introducing Dogecoin as a payment option for Tesla merchandise. This speculation added momentum to Dogecoin's price rally following Trump's announcement.

Meanwhile, biotech entrepreneur and former Republican presidential contender Vivek Ramaswamy has signaled his commitment to Trump's cause.

“We're not going easy @elonmusk,” Ramaswamy said on X.

He also confirmed that he will withdraw from the Ohio Senate race. That means Ohio Gov. Mike DeWine will be allowed to appoint a successor to U.S. Vice President-elect Sen. J.D. Vance.

DOGE's mission to examine the front

The Department of Government Efficiency's mandate also faces scrutiny. Officials and critics. Economist Peter Schiff, a vocal Bitcoin skeptic, weighs in. Careful details the extent of field and Ramaswamy's powers.

“Good luck guys. Remember, all you can do is propose shutting down federal departments and agencies. To close any, Congress must vote to do so,” he wrote.

Criticism of Bitcoin has cited past attempts to shut down agencies such as the Department of Education. He pointed out that even Ronald Reagan's efforts to reduce federal functions did not involve structural cuts.

While Musk's alignment with DOGE has boosted interest in Dogecoin, analysts are cautious. As BeenCrypto recently reported, while Musk's involvement is likely to stimulate the currency, its long-term viability depends on actual economic implementation. But for now, Trump's announcement has put DOGE—both the agency and its secrecy—in the spotlight.