The White House has appointed Elon Musk, the wealthiest individual globally, as a “special government employee.” This designation allows Musk to be employed by the federal government while potentially sidestepping certain disclosure rules.
What Happened: As reported by Reuters, Musk, who continues to helm Tesla Inc. TSLA and SpaceX, has been charged with leading Trump’s cost-cutting initiative, the Department of Government Efficiency. This role has granted Musk’s team access to various government systems, triggering concern and turmoil within some agencies.
Musk’s new designation could enable him to bypass disclosure rules about conflicts of interest and finances applicable to regular government employees. He will not receive a paycheck. This development has sparked scrutiny, with Democratic lawmakers voicing concerns over a billionaire without an electoral mandate gaining substantial power over the federal government.
Trump defended Musk, asserting that Musk cannot act without White House approval. He also lauded Musk’s instinct and his team’s talent.
“Elon can’t do and won’t do anything without our approval,” said Trump. He said, “We’ll give him the approval, where appropriate; where not appropriate, we won’t. But he reports in.”
However, questions about accountability persist, as most special government employees are not bound to file financial disclosures, potentially making it challenging for the public and journalists to hold Musk and the government accountable.
Read Next: Elon’s Trump Alignment Costs Him Canada Starlink Contract: ‘Oh Well’
Why It Matters: Musk’s appointment comes amidst his recent criticisms of the Treasury Department and his proposal to use blockchain technology to streamline its operations.
His Department of Government Efficiency was recently granted access to a sensitive Treasury Department payment system, a move that coincided with the resignation of a career Treasury official who had disagreements with Musk’s department.
The potential implications of Musk’s new role and his plans for the Department of Government Efficiency, including a $4 billion a day cost-cutting plan, remain to be seen.
Notably, the Department of Government Efficiency shares its acronym with Dogecoin DOGE/USD, a cryptocurrency that Musk has promoted in the past with his social media posts.
Price Action: At the time of writing DOGE was seen trading higher by 7.95% at $0.285, according to data from Benzinga Pro.
Image via Shutterstock
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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