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Bitcoin's price has soared above $89,000 following Donald Trump's election victory, driven by expectations of a pro-cryptocurrency administration. The cryptocurrency has more than doubled in value over the past year, with other digital assets also experiencing significant gains amid hopes for favorable regulations.
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President-elect Donald Trump has appointed Elon Musk and Vivek Ramaswamy to co-lead a new Department of Government Efficiency (DOGE). This informal advisory board aims to cut federal spending by at least $2 trillion and restructure federal agencies, with a focus on reducing waste and bureaucracy. Their work is expected to conclude by July 4, 2026.
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Elon Musk has been appointed co-head of the Department of Government Efficiency in Donald Trump's administration. This follows Musk's significant financial support for Trump's campaign and his controversial ownership of the social media platform X, which has seen a decline in active users since his takeover.
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Since Donald Trump's re-election, Elon Musk has become a prominent figure in his administration, frequently seen at Mar-a-Lago and involved in key discussions. Musk's role includes advising on government efficiency, raising concerns among some Trump insiders about his growing influence and the implications for federal spending.
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Elon Musk and Vivek Ramaswamy have been appointed to lead the Department of Government Efficiency (DOGE), aiming to cut $2 trillion from the federal budget. The initiative has raised concerns about its feasibility and Musk's potential conflicts of interest due to his business ties with the government.