Elon Musk and Vivek Ramaswamy named to lead Trump’s government efficiency efforts

President-elect Donald Trump named Elon Musk and Vivek Ramaswamy to head up a new Department of Government Efficiency.

The newly created Department of Government Efficiency is aimed at slashing excess regulations, dismantling bureaucracy, and restructuring some federal agencies.

The advisory group will not be an official U.S. government department that will need Congressional approval. The size or budget of the new Department of Government Efficiency was not disclosed.

Weighing in on the implications for Tesla (NASDAQ:TSLA) and SpaceX (SPACE) CEO Elon Musk, Wedbush Securities analyst Dan Ives noted that there will be no changes to Musk’s roles with the companies from the Street’s perspective.

However, Musk could have a key role in many of the new AI initiatives within the government, as well as with China tariff discussions over the coming months, which could benefit Tesla (TSLA).

“While Musk will now have another role to balance along with his myriad of other roles at Tesla/SpaceX/xAI, we believe the major benefits for Musk and Tesla far outweigh any negatives as this continues to be a poker move for the ages by Musk betting on Trump,” updated Ives.

Shares of Tesla (TSLA) are up 30% since the U.S. election.