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Vivek Ramaswamy, Elon Musk to head US ‘government efficiency’ department in Trump administration

Donald Trump picked billionaire Elon Musk and Republican Vivek Ramaswamy to head the US Department of Government Efficiency.

US President-elect Donald Trump picked billionaire Elon Musk and businessman-turned-politician Vivek Ramaswamy to head the Department of Government Efficiency in his government, as he finalises the cabinet positions for his term starting in January 2025.

In a statement issued by him on Tuesday, Donald Trump announced that Vivek Ramaswamy and Elon Musk will be heading the Department of Government Efficiency (DOGE), tasked with “slashing excess regulations” and “cutting wasteful expenditures.”

“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 — essential to the ‘Save America’ Movement,” the statement by Trump reads.

“This will send shockwaves through the system, and anyone involved in government waste, which is a lot of people!” Elon Musk said over his appointment to the new government post, as per the statement.

Saying that Republican politicians have been dreaming about the implementation of DOGE for a very long time, Donald Trump said that the new department will be like “The Manhattan Project of our time.”

“I look forward to Elon and Vivek making changes to the federal bureaucracy with an eye on efficiency and, at the same time, making life better for all Americans. Importantly, we will drive out the massive waste and fraud which exists throughout our annual USD 6.5 trillion of government spending,” said the president-elect.

After the announcement, Vivek Ramaswamy posted on X, “And yes, this means I’m withdrawing myself from consideration for the pending Senate appointment in Ohio. Whoever Governor DeWine appoints to JD’s seat has some big shoes to fill. I will help them however I can.”

During Donald Trump’s campaign trail for the US presidential election, Elon Musk predicted that he could cut at least $2 trillion from the US federal budget, which would exceed the amount that the Congress spends annually on government agency operations, including defense.

Cutting out such a major chunk from the federal budget will require making cuts to some of the more popular entitlement programs such as Social Security, Medicare, Medicaid and veterans’ benefits.

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Tesla Is No Longer Elon Musk’s Most Valuable Asset

**Breaking News: Tesla Falls Behind as Musk’s SpaceX Surges Ahead** In a stunning turn of events, Tesla is no longer the crown jewel of Elon Musk’s empire, as SpaceX has officially surpassed the electric vehicle giant in value for the first time in five years. Musk’s fortune, once heavily anchored by Tesla, has shifted dramatically following a series of alarming developments. Musk’s financial landscape took a hit after he funneled over $200 million into Donald Trump’s re-election campaign, but he rebounded quickly, briefly becoming the world’s first $400 billion individual. However, Tesla’s stock has since plummeted by 50%, exacerbated by disappointing delivery numbers and concerns over Musk’s divided attention as he juggles his new role in the Trump administration. Recent reports indicate that Tesla’s revenue growth has stagnated to a mere 1% in 2024, while net income has declined for the second consecutive year. Meanwhile, shocking drops in vehicle sales have been documented across key markets, including Germany, China, and Australia. As public sentiment turns against Musk, protests have erupted at Tesla dealerships nationwide, amplifying the urgency of the situation. The turmoil doesn’t end there. Musk’s appeal of a Delaware court ruling that invalidated a lucrative pay package has further complicated his financial stability. Forbes has slashed the value of Musk’s stock options by 50%, revealing that his stake in Tesla is now worth $97.8 billion, significantly less than the soaring valuation of SpaceX. With SpaceX’s value now estimated at $147 billion—almost $20 billion more than Musk’s Tesla holdings—this shift marks a seismic change in Musk’s financial narrative. SpaceX’s revenue surged by 51% to $13.1 billion in 2024, buoyed by the booming Starlink satellite internet service. As the dust settles, it’s clear that Musk’s fortunes are in flux, and the landscape of his empire is shifting dramatically. Stay tuned as we continue to monitor these developments closely.

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