Tesla (TSLA)
US president-elect Donald Trump has selected Tesla CEO Elon Musk to co-lead his newly created department of government efficiency.
In a statement released on X, the social media platform owned by Musk, Trump said that Tesla's CEO would lead the department with former Republican presidential candidate Vivek Ramaswamy.
Trump said that the department, which has the acronym "DOGE" — a reference to Musk's favourite cryptocurrency dogecoin (DOGE-USD) — "would provide advice and guidance from outside of government".
Musk said: "This will send shockwaves through the system, and anyone involved in government waste, which is a lot of people."
Tesla shares closed Tuesday's session down 6% but were back up nearly 3% in pre-market trading on Wednesday morning. The stock rallied on the back of Trump's election win last week, taking the company's market valuation past the $1tn (£784bn) mark.
US president-elect Donald Trump has selected Tesla CEO Elon Musk to co-lead his newly created department of government efficiency.
In a statement released on X, the social media platform owned by Musk, Trump said that Tesla's CEO would lead the department with former Republican presidential candidate Vivek Ramaswamy.
Trump said that the department, which has the acronym "DOGE" — a reference to Musk's favourite cryptocurrency dogecoin (DOGE-USD) — "would provide advice and guidance from outside of government".
Musk said: "This will send shockwaves through the system, and anyone involved in government waste, which is a lot of people."
Tesla shares closed Tuesday's session down 6% but were back up nearly 3% in pre-market trading on Wednesday morning. The stock rallied on the back of Trump's election win last week, taking the company's market valuation past the $1tn (£784bn) mark.