The president-elect’s announcement that Elon Musk and Vivek Ramaswamy would serve in a quasi-governmental role caused a similarly named cryptocurrency to spike in value.

Led by Elon Musk and Vivek Ramaswamy, the body announced by Trump would operate outside government and provide advice to the White House on cutting spending.

President-elect Donald Trump late Tuesday announced Elon Musk and Vivek Ramaswamy will lead the “Department of Government Efficiency” in an effort to “dismantle government bureaucracy.”

Trump clarified in his statement Tuesday that Musk and Ramaswamy will “provide advice and guidance from outside of Government,” indicating they are

President-elect Donald Trump today announced that a new Department of Government Efficiency—or "DOGE"—will be led by Elon Musk and former Republican presidential candidate Vivek Ramaswamy. Musk and Ramaswamy,