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Ramaswamy co-founded $DOGE with Musk in November 2024 as part of President Donald Trump’s “Save America” initiative to cut government waste, reduce regulations, and restructure federal agencies.
His departure leaves Musk, a vocal advocate for cost-cutting, at the helm of the extra-governmental initiative.
“Vivek Ramaswamy played a critical role in helping us create $DOGE,” spokesperson Anna Kelly said in a statement cited by the Associated Press. “He intends to run for elected office soon, which requires him to remain outside of $DOGE, based on the structure that we announced today.”
$DOGE’s acronym has drawn widespread attention due to its connection with Dogecoin ($DOGE), the meme crypto that Musk has championed for years.
Known as the “Dogefather,” Musk’s public endorsements of Dogecoin have repeatedly caused price surges, including a recent uptick following his promotion to lead $DOGE late last year.
Critics, however, have expressed skepticism about $DOGE’s objectives. Initially promising $2 trillion in government cuts, Musk recently backtracked, describing the goal as unlikely but maintaining a target of $1 trillion.
Adding to the initiative’s momentum, Trump issued an executive order on Monday, halting the hiring of federal civilian employees across the executive branch.
The order, part of a broader plan to streamline government operations, tasked the Office of Management and Budget with developing a plan to reduce the federal workforce through efficiency measures and attrition. $DOGE is expected to play a key role in shaping those recommendations.
Unlike official federal departments, $DOGE operates outside government channels, relying on private-sector experts and Republican allies in Congress to push its proposals.
Musk and Ramaswamy’s partnership drew attention for its Silicon Valley ties, including advisors like Palantir co-founder Joe Lonsdale and venture capitalist Marc Andreessen.
The initiative’s connection to Musk’s Dogecoin fandom has also caused a stir among crypto circles.
A Trump campaign shirt featuring Musk, Trump, and a Shiba Inu dog on the campaign trail added to the playful yet controversial overlap between $DOGE and crypto meme culture.