Trump confirms ‘DOGE’ efficiency dept. will be led by Musk and Ramaswamy as Dogecoin’s market cap swells
2024-11-13

U.S. President-elect Donald Trump announced that he has chosen Tesla CEO Elon Musk and Strive Enterprises co-founder Vivek Ramaswamy to lead the Department of Government Efficiency (DOGE).
“Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” Trump wrote in his announcement.
The president-elect added that the upcoming department will provide guidance to drive large-scale structural reform from outside of the U.S. government, and take an unprecedented “entrepreneurial approach” as it works together with the White House and Office of Management and Budget.
Previously, Musk discussed creating the government body titled “DOGE,” as he spent tens of millions of dollars to help former President Trump’s re-election in November, appearing at Trump’s campaign rallies. 
Since Trump’s victory, Musk has been offering input on staffing decisions and stepped up to have a “significant role” in the upcoming administration, ABC News reported Tuesday. 
Musk is also a long-time supporter of memecoin Dogecoin, which has a ticker same as the acronym of the upcoming department.
Meanwhile, the price of Dogecoin rose 12.2% in the past 24 hours to $0.406, surging 136% in the past week, according to The Block's price page. Its market capitalization currently sits at $60 billion.
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