Elon Musk is stepping down from his role in the new external government agency that will be focused on slashing wasteful spending in a bid to reduce America's national debt.

What Happened: The agency, which is called the “Department of Government Efficiency” or DOGE for short, will be tasked with identifying government programs and institutions that are no longer serving their intended purpose or have become overly bureaucratic.

It will also be focused on developing proposals to streamline these programs or suggest their elimination to Congress.

President Donald Trump first announced the creation of the agency in March, shortly after the House of Representatives failed to pass a bill to increase the federal debt ceiling.

The agency is part of a broader initiative by the Trump administration to reduce the national debt, which has risen sharply in recent years due to the government's response to the coronavirus pandemic and other factors.

The president said he decided to create the agency after growing frustrated with the government's lack of progress on this issue.

“We have too many programs that are not working, and we have too many institutions that are not serving the American people,” Trump said at a press conference.

“We need to get back to the basics and start focusing on what really matters.”

The agency will be headed by a director who is appointed by the president with the advice and consent of the Senate.

The agency will also have a small staff of economists, lawyers, and other professionals who will assist the director in carrying out his duties.

The president said he plans to nominate former SpaceX and Tesla (NASDAQ:TSLA) CEO Elon Musk to be the agency's first director.

Musk is a well-known supporter of cryptocurrency, and he previously announced that he would be stepping down from his role at SpaceX to focus on his other endeavors.

The president said he believes Musk's experience in the private sector will be invaluable in helping to streamline the government and make it more efficient.

"Elon is a brilliant businessman and innovator, and he has a proven track record of success," Trump said.

"He's also a great American who cares deeply about his country."

The president said he is confident that Musk will do an excellent job leading the new agency and that he will be instrumental in helping to reduce the national debt and improve the lives of Americans.

"I'm grateful to Elon for agreeing to take on this important role, and I look forward to working with him closely in the months ahead," Trump said.

Top Gainer (24 Hour)

Dogecoin (CRYPTO: DOGE) was the best performer among the top ten cryptocurrencies on Friday morning, rising by 16.3% over the past 24 hours. The meme coin had dropped sharply on Thursday after President Donald Trump announced he would be stepping down from his role in the new external government agency that will be focused on slashing wasteful spending in a bid to reduce America's national debt. The agency, which is called the “Department of Government Efficiency” or DOGE for short, will be tasked with identifying government programs and institutions that are no longer serving their intended purpose or have become overly bureaucratic. It will also be focused on developing proposals to streamline these programs or suggest their elimination to Congress.

The agency is part of a broader initiative by the Trump administration to reduce the national debt, which has risen sharply in recent years due to the government's response to the coronavirus pandemic and other factors. The president said he decided to create the agency after growing frustrated with the government's lack of progress on this issue.

“We have too many programs that are not working, and we have too many institutions that are not serving the American people,” Trump said at a press conference earlier this year. “We need to get back to the basics and start focusing on what really matters.”

The agency will be headed by a director who is appointed by the president with the advice and consent of the Senate. The agency will also have a small staff of economists, lawyers, and other professionals who will assist the director in carrying out his duties.

The president said he plans to nominate former SpaceX and Tesla (NASDAQ:TSLA) CEO Elon Musk to be the agency's first director.

Musk is a well-known supporter of cryptocurrency, and he previously announced that he would be stepping down from his role at SpaceX to focus on his companies, like Tesla.

The president said he believes Musk's experience in the private sector will be invaluable in helping to streamline the government and make it more efficient.

“Elon is a brilliant businessman and innovator, and he has a proven track record of success,” Trump said. “He's also a great American who cares deeply about his country.”

The president said he is confident that Musk will do an excellent job leading the new agency and that he will be instrumental in helping to reduce the national debt and improve the lives of Americans.

“I'm grateful to Elon for agreeing to take on this important role, and I look forward to working with him closely in