Donald Trump announced that tycoon Elon Musk, owner of companies such as Tesla and SpaceX, would lead, along with businessman Vivek Ramaswamy, the new Ministry of Government Effectiveness (DOGE, for its acronym in English). “Together, these two wonderful Americans will pave the way for my administration to dismantle government bureaucracy“Remove excessive regulations, cut wasteful spending, and restructure federal agencies,” Trump said in a statement shared by Ramaswamy and Musk.
Trump said the new government portfolio that Musk and Ramaswamy will manage will be “the Manhattan Project” of that time, comparing it to the program that developed the atomic bomb during World War II: “Republicans have long dreamed of the goals DOGE pursues” and said this new department “will provide guidance and advice from outside government“. The president-elect said the new department will collaborate with the “The White House and the Office of the Budget” to drive structural reforms and “create a never before seen entrepreneurial approach to government.”
Musk: “A shockwave to waste”
Elon Musk said the creation of DOGE “will send shockwaves through the system and everyone.” those involved in government wastewhich is a lot of people.” The owner ofachieve maximum transparency“.
Vivek Ramaswamy, Indian-origin entrepreneur and founder of pharmaceutical company Roivant Sciences, announced that DOGE would begin “collect examples of government waste, fraud and abuse“Americans voted for radical government reform and deserve to be part of the solution.” The businessman also expressed the withdrawal of his candidacy for the vacant Senate position in Ohio after JD Vance was elected vice president.
Musk and Ramaswamy were loyal pillars of the Republican Party during the campaign. The South African-born businessman attended several rallies where he showed his support for Trump and donated more than $100 million to his campaign. He a businessman of Indian origin ran in the Republican primaries and withdrew his candidacy after the Iowa caucuses. Ramaswamy has been a strong critic of ESG strategies.
Tesla and SpaceX, possible beneficiaries
Since Trump’s victory, the actions of Tesla climbed and the capitalization of the car manufacturer already exceeds one billion dollars. For his part, EspaceX He has several aerospace projects with the Department of Defense and NASA, so Trump’s new leadership could benefit Musk’s aerospace business.
For his part, Roivant Sciences could benefit from continued pharmaceutical deregulation promised by Robert F. Kennedy, who will be head of the American health system.
