Elon Musk has been made head of a new “Department of Government Efficiency” by Donald Trump, the latest appointment to his emerging new team
Trump says the billionaire businessman will co-lead the organisation with former Republican primary candidate Vivek Ramaswamy
It will “provide advice and guidance from outside of government” to “dismantle government bureaucracy” and cut spending – though it is not yet fully clear what form it will take
Trump has also picked Pete Hegseth, a Fox News host and Army veteran, to be defence secretary, and John Ratcliffe as his director of national intelligence
The Republicans are closing in on a majority in the House, with counting continuing in a dozen races.
Both Trump and Musk are cryptocurrency fans and the new “Department of Government Efficiency” – Doge for short – is an apparent reference to that.
Shortly after the announcement Musk would lead the new body, he confirmed on X, external the Doge initialism was no coincidence, and indicated he took the idea from a joke on the platform earlier this year.
The name is also used by Dogecoin, a cryptocurrency created in 2013 by two software developers – Billy Markus from Oregon and Jackson Palmer from Sydney.
The currency was named after a well-known internet meme, which features a Shiba Inu dog affectionately dubbed Doge.
It soon attracted a loyal online following, including Musk, who has called it “the people’s crypto” in 2021, driving up its value.
He was sued after being accused of deliberately seeking to inflate its price to make money, though his lawyers succeeded in having that lawsuit dismissed earlier this year.
Dogecoin’s price often spikes when Musk mentions it publicly – though there has been no significant movement since Trump confirmed the body’s formation and the tech billionaire’s appointment.
