President-elect Donald Trump has officially announced that fellow billionaire Elon Musk will head a new U.S. Department of Government Efficiency ("DOGE") under his administration. Musk may not be eligible to run for president, but it seems he'll still get to make decisions as part of the incoming U.S. government.

Dogecoin is surging in value since Donald Trump won the presidential election. The cryptocurrency, whose mascot is a super-cute dog that muses things like “much wow,” has more than doubled since Election Day.

President-elect Donald Trump has appointed Elon Musk and Vivek Ramaswamy to lead what he calls the Department of Government Efficiency — yes, the acronym is DOGE — to “pave the way” for his administration to “dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.”

It’s happening.Elon Musk will lead Donald Trump’s Department of Government Efficiency, or D.O.G.E., alongside Vivek Ramaswamy. The name is also a reference to Dogecoin, a cryptocurrency Musk has talked about in the past.

Dogecoin was skyrocketing Wednesday after the news that the cryptocurrency’sbiggest cheerleader, Elon Musk, will head up a “Department of Government Efficiency” — effectively a non-government group that will consult on spending.

Tesla CEO Elon Musk and former Republican candidate Vivek Ramaswamy will lead the Department of Efficiency, President-elect Donald Trump said in a statement on Tuesday. "I am pleased to announce that the Great Elon Musk,