In a surprise move, US President-elect Donald Trump has appointed Tesla CEO and X owner Elon Musk and ex-presidential candidate Vivek Ramaswamy to lead the newly established Department of Government Efficiency (DOGE). The name of the department is as striking as it is coincidental, as it echoes Dogecoin (DOGE), Musk's favorite cryptocurrency.

This unexpected announcement triggered a surge in the value of Dogecoin. Following Trump’s victory and Musk's appointment, the price of the meme cryptocurrency skyrocketed by 78%, settling at $0.38.

The new department, which will operate "outside of government," is expected to work with the White House and the Office of Management and Budget. Musk and Ramaswamy are slated to remain in their positions until July 4, 2026.

Previously, Musk proposed slashing US government spending by at least $2 trillion. However, analysts from the Washington Post believe that such cuts are "virtually impossible" unless they target defense spending and social programs. At the same time, Musk acknowledged that reducing the budget would have profound fiscal consequences for the US economy.