Earlier this month, Musk and former Republican presidential candidate Vivek Ramaswamy were tapped by Trump to lead a government efficiency group called the Department of Government Efficiency, or DOGE. This government group, they said, will “pursue three major kinds of reform: regulatory rescissions, administrative reductions and cost savings.” As head of the Department of Government Efficiency, Elon Musk has promised to slash $2 trillion from the federal budget. One way he’s suggested doing this is by consolidating some of the country’s over 400 federal agencies, many of which regulate his companies. Musk’s empire includes aerospace firm SpaceX, electric vehicle maker Tesla, social media company X and artificial intelligence startup xAI among others.
Chapters:
1:55 Government cash
6:15 Relaxing regulation
13:55 China challenge
Produced by: Magdalena Petrova
Edited by: Erin Black
Graphics: Christina Locopo, Jason Reginato
Additional camera: Jordan Smith
Supervising producer: Jeniece Pettitt
Editorial support: Lora Kolodny
Additional footage: Getty Images
Additional sources: Federal Register
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How Elon Musk’s Plan To Slash Government Agencies And Regulation May Benefit His Empire
Author: CNBC
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News post in November 22, 2024, 6:03 pm.
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