U.S. President-elect Donald Trump has appointed Elon Musk and Vivek Ramaswamy to lead the newly established Department of Government Efficiency.
The department aims to overhaul government bureaucracy, cut regulations, reduce waste, and restructure federal agencies.
This initiative, designed to bring an entrepreneurial approach to government, will operate outside traditional government structures, allowing Musk to maintain his leadership of Tesla, SpaceX, and X.
The project is expected to conclude by July 4, 2026, marking the 250th anniversary of the U.S. Declaration of Independence.
“It’s clear that Musk will have a massive role in the Trump White House with his increasing reach clearly across many federal agencies,” equities analyst Daniel Ives of Wedbush Securities said in a research note.
“We believe the major benefits for Musk and Tesla far outweigh any negatives as this continues to be a ‘poker move for the ages’ by Musk betting on Trump,” Ives said. The move was criticized by Public Citizen, a progressive consumer rights NGO that challenged several of Trump’s first-term policies.
“Musk not only knows nothing about government efficiency and regulation, but his own businesses have also regularly run afoul of the very rules he will be in a position to attack in his new ‘czar’ position,” Lisa Gilbert, co-president of Public Citizen, said in a statement. “This is the ultimate corporate corruption.”
