Trump says Musk, Ramaswamy will form outside group to advise White House on government efficiency

Published On Nov 12, 2024, 8:39 PM

Donald Trump announced that Elon Musk and Vivek Ramaswamy will lead a new initiative aimed at improving government efficiency under the unofficial name "Department of Government Efficiency" (DOGE). This outside advisory group will collaborate with the White House and the Office of Management and Budget, focusing on structural reforms and cutting wasteful government expenditure. Although Musk is busy with several ventures, Trump applauded his potential to save significant government funds, suggesting that the duo could radically reshape bureaucratic processes.

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Stock Forecasts

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Given the potential for structural reforms and waste reduction in government, companies or sectors associated with government contracting or efficiency improvements could benefit. However, since this initiative is still in its conceptual stage, the immediate impact on the market may be limited. On the other hand, companies that provide tech solutions for government operations, like Palantir Technologies, might see a positive response as their services align with the goals of this initiative.

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