President-elect Donald Trump announced Tuesday his plan to appoint Tesla Inc (NASDAQ:TSLA) CEO Elon Musk and former presidential candidate Vivek Ramaswamy to lead a new Department of Government Efficiency (DOGE), aimed at restructuring federal agencies and reducing government spending.
What Happened: The initiative, which Trump compared to “The Manhattan Project,” will focus on dismantling bureaucracy, reducing regulations, and cutting wasteful expenditures. The department is scheduled to complete its work by Jul. 4, 2026, coinciding with America’s 250th independence anniversary.
“Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy,” Trump said in a statement. The department will work alongside the White House and Office of Management & Budget to implement structural reforms.
Musk, who shared the announcement …
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