ChainCatcher news, the Department of Government Efficiency (D.O.G.E) led by Elon Musk and Vivek Ramaswamy will hold live progress reports weekly.Vivek stated, "Our goal is to streamline the size of government and be as transparent to the public as possible. The weekly 'Dogecasts' are about to begin."Additionally, Elon Musk has invited Ron Paul, a long-time critic of government waste, to join the newly established Department of Government Efficiency.

ChainCatcher news, according to the Financial Times, Musk's SpaceX and xAI will achieve a valuation leap of billions of dollars through a new deal. According to insiders, Musk's artificial intelligence startup xAI has raised $5 billion, reaching a valuation of $45 billion, nearly double its valuation from a few months ago.According to insiders, SpaceX is preparing to launch a tender offer in December, selling existing shares of the company at about $135 per share. This would push the rocket manufacturer's valuation above $250 billion.

ChainCatcher News, U.S. President-elect Trump stated on Thursday that a government efficiency task force led by Musk will release a work report on streamlining the U.S. government. Trump said in a speech at his Mar-a-Lago estate in Florida, "They will come out with a separate report, and ultimately there will be a big report." This is the first time Trump has provided new details about the task force's report since its announcement earlier this week.On Tuesday, Trump stated that the task force would "provide advice and guidance from outside the government" to streamline government, cut regulations, reduce spending, and reorganize federal agencies. Both Trump and Musk have indicated that the task force will significantly cut budgets. However, the U.S. Constitution grants Congress the power over the federal budget. Congress can accept or ignore the recommendations of external groups, such as the proposed efficiency task force.

ChainCatcher message, the Department of Government Efficiency (DOGE) posted on X: "Thank you very much to the thousands of Americans expressing interest in DOGE, but we do not need more part-time 'idea' providers. What we need are ultra-high IQ, small government ideology supporters who are willing to work over 80 hours a week as cost-cutting 'revolutionaries.' If you meet the criteria, please DM this account and attach your resume. Elon and Vivek will personally review the top 1% of applicants."

ChainCatcher news, according to Jinshi reports, Trump will appoint Musk (along with Ramaswamy) to lead the new Office of Government Efficiency. Musk announced during the campaign that he would cut U.S. federal spending by $2 trillion (nearly one-third). Ulrich Leuchtmann, head of foreign exchange and commodity research at Deutsche Bank, pointed out that this would have catastrophic consequences for the U.S. economy: "Musk does not believe in gradual and cautious approaches. I do not believe he can take a wise step.Some may say that their suggestions would only be suggestions, with the president and Congress in front during actual implementation. But if the suggestions are not going to be implemented, then why establish such an agency? The president would appear indecisive, which is exactly what Trump does not want to see.Using a radical austerity plan to create a bullish argument for the dollar is very clever, as it will significantly reduce the capital needs of the U.S. Treasury, thereby lowering the capital needs of the entire economy. U.S. government bonds will become scarce and expensive again. However, I believe that the dollar may initially be influenced by the inevitable expansionary monetary policy response."

ChainCatcher news, according to NBC News reports, two insiders revealed that since Election Day, Musk has been frequently appearing at Trump's home in Palm Beach, Florida—Mar-a-Lago, where he has been almost constantly with Trump, participating in calls and meetings. He continuously expresses his views on Trump's second term, even crossing some boundaries with Trump's transition team, giving the impression of "staying too long."These two insiders indicated that Musk's frequent appearances have begun to irritate some members of Trump's inner circle, who entered Trump's circle earlier than Musk and feel that he is overstepping during the transition. One of the individuals stated, "He acts like a 'co-president' and spares no effort to let everyone know it. He has been taking credit for Trump's victory, boasting about America PAC and X to anyone willing to listen, trying to make Trump feel indebted to him, while Trump never owes anyone a favor."Insiders revealed that some of Trump's advisors are concerned that Musk does not understand that a key to functioning in Trump's world is to maintain a low profile, and Musk's involvement is too aggressive, which could undermine his position in the long run. The second insider also stated that Musk seems to be pushing his own agenda rather than focusing on Trump's agenda.

ChainCatcher news, according to NBC News, two insiders revealed that since Election Day, Musk has been frequently appearing at Trump's Mar-a-Lago estate in Palm Beach, Florida, where he has been almost constantly with Trump, participating in calls and meetings. He continuously expresses his views on Trump's second term, even crossing some boundaries of Trump's transition team, giving the impression that he seems to be "staying longer than necessary."These two insiders indicated that Musk's frequent appearances have begun to irritate some members of Trump's inner circle, who entered Trump's circle earlier than Musk and feel that he is overstepping during the transition. One of the individuals stated, "He acts like a 'co-president' and spares no effort to let everyone know it. He has been taking credit for Trump's victory, boasting about America PAC and X to anyone willing to listen, trying to make Trump feel indebted to him, while Trump owes no one any favors."Insiders revealed that some of Trump's advisors are concerned that Musk does not understand that a key to functioning in Trump's world is to maintain a low profile, and Musk's involvement is too aggressive, which could harm his standing in the long run. The second insider also noted that Musk seems to be pushing his own agenda rather than focusing on Trump's agenda.

ChainCatcher news, according to Fortune, U.S. President-elect Donald Trump has announced the appointment of billionaire Elon Musk and Vivek Ramaswamy to lead the newly established "Department of Government Efficiency" (D.O.G.E). The department's name is a nod to Dogecoin and will work with the White House Office of Management and Budget to promote structural reforms in government.Ann Skeet, Director of Leadership Ethics at Santa Clara University's Markkula Center, pointed out that Musk's business interests are in direct conflict with government interests. Musk's companies have close ties to the government: SpaceX holds over $4 billion in NASA lunar program contracts; Tesla benefits from government tax incentives and is also subject to automotive safety regulations; the social platform X is facing investigations by the Federal Trade Commission (FTC) and the Securities and Exchange Commission (SEC); other businesses like the artificial intelligence company xAI, brain-machine interface company Neuralink, and tunneling company Boring all intersect with federal regulation.Richard Painter, a former White House ethics lawyer during the Bush administration, stated that if DOGE operates as a government agency, Musk would need to divest his business interests or recuse himself from related matters, unless Trump grants a rare exemption. Automotive safety advocates are concerned that efficiency reforms led by Musk could undermine the functions of regulatory agencies like the National Highway Traffic Safety Administration (NHTSA).

ChainCatcher news, according to relevant page information, the official X account of the Department of Government Efficiency (D.O.G.E) led by Musk and Vivek Ramaswamy is now live.It is worth noting that the account's handle is "@DOGE".

ChainCatcher news, according to Fortune, foreign media reports that Trump’s social platform Truth Social may merge with Musk’s X platform (formerly Twitter). Data shows that Truth Social's revenue in the third quarter of this year was only $2.6 million, with 698,000 monthly active users on mobile and 11.3 million monthly website visits; in contrast, X platform is expected to have an annual advertising revenue of $2 billion, with 70.4 million monthly active users and up to 1 billion monthly website visits.Erik Nisbet, director of the Center for Communication and Public Policy at Northwestern University, stated that since Musk took over, the content style of X platform has gradually aligned with that of Truth Social. Both platforms promote "freedom of speech" as their selling point, primarily targeting conservative audiences. Data shows that 57% of Truth Social users consider it a daily news source, while 59% do the same for X platform.In terms of content moderation, X platform still maintains relatively strict standards, banning approximately 5.3 million accounts for violations in the first half of this year. This is mainly because the platform needs to maintain relationships with large corporate advertisers. Truth Social, on the other hand, has almost no advertising business, resulting in relatively lenient content moderation. Industry insiders believe that a potential merger would be more commercially meaningful for Trump, serving as a cash-out exit strategy, with his shareholding currently valued at approximately $3.3 billion.

ChainCatcher news, hedge fund manager Nelson Peltz, who supports Trump in this U.S. election, said that the stock market rally driven by the election cannot continue uninterrupted, and he revealed that he was the matchmaker between Trump and Musk. "I'm a matchmaker," Peltz recalled paving the way for Musk. One weekend in 2023, when Musk visited Peltz's home, Peltz also invited Trump to have breakfast together. Peltz said, "Without Musk's help, I don't know if Trump would have achieved such a comprehensive victory." Musk's political action committee spent about $200 million to support Trump.

ChainCatcher news, Dogecoin co-founder Shibetoshi Nakamoto stated on X that if one wants to eliminate Dogecoin's inflation, they can directly modify the source code on GitHub and submit a pull request, persuading the community and miners to use the new version. He pointed out that the key code is on line 146 and hopes the community will not disturb him about this matter.Elon Musk subsequently stated: "I believe that the smooth inflation of Dogecoin (i.e., the gradually decreasing inflation rate) is a feature, not a bug."

ChainCatcher news, Trump campaign advisor Alex Bruesewitz stated on X that Trump announced Elon Musk and Vivek Ramaswamy will lead the Department of Government Efficiency (abbreviated as DOGE).

ChainCatcher news, Bloomberg's compiled data shows that since Trump's re-election as president, the stock price of Destiny Tech100 Inc. (DXYZ) has surged by about 280% in the past week. The company holds shares in private market unicorns such as SpaceX and Sam Altman's OpenAI. This surge has triggered multiple fluctuations, with the stock rising 38% after a 64% jump last Friday. Meanwhile, in the context of a general rise in cryptocurrencies, Dogecoin rose nearly 20% on Monday.Aside from this closed-end fund, almost everything related to Musk's vast business empire is in high demand. Although it is well known that Trump is skeptical about electric vehicles, Tesla's stock price increased by 42% within the week. The price of Dogecoin more than doubled during the same period.In fact, Trump's victory is seen as a boon for Musk's companies, as the founder actively supports the "Make America Great Again" campaign slogan. Tesla is the only publicly traded company in the Musk empire, and after experiencing a severe decline in the first four months of this year, its market value rebounded to over $1 trillion last week.

ChainCatcher message, former SEC Chairman Jay Clayton stated in an interview with CNBC: "If Musk wants to use 20% of his energy to make America better, we should figure out how to make that happen. We should have ethical rules, transparency, etc., but we should not prevent Musk from joining the Trump administration."