Elon Musk to Co-Lead Trumps Department of Government Efficiency (D.O.G.E)

President-elect Donald Trump announced that entrepreneur Elon Musk and biotech founder Vivek Ramaswamy will jointly head the newly created Department of Government Efficiency (D.O.G.E).

The announcement comes only days after Trumps reelection to be the 47th President of the United States (POTUS).

Donald Trump Names D.O.G.E Leaders

The statement, posted on Trump‘s Truth Social account, promised that D.O.G.E. would spearhead “The Save America Movement.” It would streamline federal functions to reduce government spending and drastically increase operational efficiency. Trump’s statement called D.O.G.E. “potentially ‘The Manhattan Project’ of our time,” likening the new agencys goals to those of the ambitious WWII-era initiative.

He explained that the plan aims to dismantle excessive bureaucracy and reduce the US governments annual $6.5 trillion expenditures.

“They will work together to liberate our Economy, and make the US Government accountable to ‘WE THE PEOPLE,’” Trump declared.

The President-elect also projected that Musk and Ramaswamys work would culminate in a “smaller government, with more efficiency and less bureaucracy,” by July 4, 2026. Notably, this date would mark the 250th anniversary of the Declaration of Independence. Elon Musk, known for his critical views on government waste and bureaucracy, enthusiastically backed the project.

“This will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people!” a paragraph in Trumps post read, citing Musk.

The billionaire entrepreneur and purported Dogecoin (DOGE) father later reposted Trumps announcement on X (formerly Twitter). Here, he added his usual flair with comments like “Threat to democracy？ Nope, a threat to BUREAUCRACY!”

The acronym D.O.G.E quickly attracted attention, resonating with fans of the popular meme-based cryptocurrency Dogecoin, which Musk has famously supported. Amidst the excitement, Dogecoin rallied by over 10%. This rally was sparked by speculation that Musks leadership of D.O.G.E might signal future integration of cryptocurrency in the initiative or his businesses.

DOGE Price Performance. Source: BeInCrypto

As BeInCrypto reported, Musk recently hinted about reintroducing Dogecoin as a payment option for Tesla merchandise. This speculation also added momentum to Dogecoin‘s price rally following Trump’s announcement.

Meanwhile, Vivek Ramaswamy, the biotech entrepreneur and former Republican presidential contender, signaled his commitment to Trumps cause.

“We will not go gently, @elonmusk,” Ramaswamy shared on X.

He also confirmed that he would withdraw from the Ohio Senate race. This means Ohios governor, Mike DeWine, will be allowed to appoint a successor to the seat soon to be vacated by Senator J.D. Vance, the US Vice President-elect.

D.O.G.E Mission To Face Scrutiny

The Department of Government Efficiency‘s mission also faces scrutiny from officials and critics. Economist Peter Schiff, a vocal Bitcoin skeptic, weighed in with caution. He detailed the extent of Musk and Ramaswamy’s mandate.

“Good luck, guys. Remember, all you can do is propose the closure of federal departments and agencies. To actually close any, Congress must vote to do it,” Schiff wrote.

The Bitcoin critique referenced past attempts to close agencies like the Department of Education. He noted that even Ronald Reagans efforts to downsize federal functions fell short of structural cuts.

While Musk‘s alignment with DOGE has boosted interest in Dogecoin, analysts remain cautious. As BeInCrypto reported recently, while Musk’s engagement tends to ignite enthusiasm for the currency, long-term viability depends on concrete economic applications. For now, though, Trumps announcement has put DOGE—both the agency and the cryptocurrency—in the spotlight.