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President-elect Donald Trump has created the new Department of Government Efficiency (DOGE). He appointed Tesla founder and CEO Elon Musk and former presidential candidate Vivek Ramaswamy to head the new department.

Musk’s official job title is “Efficiency Czar.” He and Ramaswamy are expected to slash government waste by firing thousands of federal employees on day 1 of Trump’s presidency.

“Together, these two wonderful Americans will pave the way for my Administration to dismantle the Government Bureaucracy,” Trump said in an announcement on Tuesday.

On Wednesday, Musk tweeted: “If a government official is effective in spending your money, they should be rewarded. If they waste your money, they should be fired.”

On Tuesday, Musk tweeted, “All actions of the Department of Government Efficiency [DOGE] will be shared online to ensure maximum transparency.”

“We will also have a leaderboard for most insanely dumb spending of your tax dollars,” Musk added. “The entertainment value will be epic.”

According to Fortune magazine, “DOGE is not a real department, like the State Department, because only Congress has the power to create new departments.”

Instead, the new DOGE department will exist outside of the federal government.

There are reports that DOJ and FBI officials are taking early retirement before Trump is sworn in on Inauguration Day, Jan. 20, 2025.

Special prosecutor Jack Smith, who relentlessly pursued Trump in the Florida documents case, is also taking early retirement before January 20.

Tesla’s stock price jumped $100 in three days after the election.

The new department’s acronym is similar to Dogecoin – a digital cryptocurrency that originated from a popular Shiba Inu dog meme. Dogecoin was popularized when Elon Musk tweeted about it in 2013.

The price of Dogecoin is currently 40 cents per coin. Dogecoin is worthless as a currency since it is only a meme.