President-elect Donald Trump has appointed Elon Musk to a new position to cut fat in the government, continuing to elevate the world's richest man, who gave generously to Trump's campaign for the presidency.
Musk, who will co-chair alongside former Republican presidential candidate Vivek Ramaswamy, will be part of the newly created Department of Government Efficiency, which Trump has telegraphed will exist outside the conventional machinery of government.
In a statement, Trump bragged that Musk and Ramaswamy "will facilitate my Administration's efforts to dismantle bureaucratic obstacles, reduce excessive regulations, eliminate wasteful spending and reorganize Federal Agencies."
The president-elect made it clear that this new department was one that Republicans had long dreamed of and would "bring advice and guidance from outside the government," implying the roles of Musk and Ramaswamy would be informal and thus not subject to Senate confirmation, with Musk free to remain at the helm of Tesla, X, and SpaceX.
According to Trump, this department is supposed to partner with the White House and the Office of Management & Budget in unleashing dramatic structural reforms and an unprecedented entrepreneurial approach to governance.
The project is expected to be completed on July 4, 2026, to coincide with the 250th Anniversary of the Declaration of Independence.
For a man Forbes has labeled the richest in the world, there's a lot for Musk to gain having Trump in office, and the billionaire isn't above using immense influence to his advantage by gaining positive treatment from the government.
Musk has his ties to Washington, donating millions of dollars to Trump's campaign and even publicly appearing with him.
Adding a governmental role to Musk's responsibilities could further raise the bar on the market value for his projects.
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