Dogecoin Falls 7% As Vivek Ramaswamy Leaves D.O.G.E
Vivek Ramaswamy resigns as co-leader of the Department of Government Effectiveness (DOGE), an initiative led by Elon Musk and under the leadership of Donald Trump A controversial move supported by President Trump.
Ramaswamy’s departure comes amid growing signs that he will announce a run for Ohio governor.
Ramaswamy resigns as DOGE co-leader
Originally appointed as Co-lead DOGE with MuskRamaswamy cited Ohio’s plans and continued intent to support Donald Trump’s agenda.
“I am honored to help support the creation of DOGE. I am confident that Elon and the team will successfully streamline government. I will have more to say soon about my future plans in Ohio.” read.
National political reporter Taylor Popielarz confirmed through sources that Ramaswamy’s gubernatorial ambitions necessitated his exit. Popielarz quoted Trump-Vance transition spokesperson Anna Kelly as saying disclose Ramaswamy plans to hold elected office.
“A familiar source confirmed to me that Ramaswamy is no longer a member of DOGE as he will announce his candidacy for Ohio governor early next week. “It is clear that he cannot run and lead DOGE at the same time,” Po Pillaz explain.
Ramaswamy not yet Completely denied the speculation. However, his departure was reportedly not entirely voluntary. According to Politico, Musk has become increasingly dissatisfied with Ramaswamy, with tensions further escalating after the controversial X post in December.
In the post, Vivek Ramaswamy critical Tech companies are advised to hire foreign workers because of an American work culture that “celebrates mediocrity over excellence.” That, coupled with his growing focus on Ohio politics, led Musk to push for his removal.
“Everyone wanted him out. They wanted him out before the tweet — but kicked him to the curb after the tweet,” Politico reportciting a Republican strategist close to Trump.
Meanwhile, Trump also mentioned DOGE in his inauguration speech on Monday. Likewise, at Trump’s inauguration, Musk expressed how he planned to take Dogecoin to Mars, playing on Dogecoin price sentiment from the start.
“We’re going to take DOGE to Mars,” Musk joke.
The agency aims to slash federal spending through budget cuts and mass layoffs. Key figures in the crypto industry, including Coinbase CEO Brian Armstrong and co-founder of Gemini Cameron Winklevossonce expressed strong support For the newly established DOGE
Trump and Musk’s emphasis on Dogecoin triggered a temporary surge in the price of Dogecoin. However, as news of Ramaswamy’s departure came out, the stock pulled back sharply, falling more than 7%.
The initiative also faces significant resistance. According to the Washington PostOST, National security counsel for consumer advocacy group Public Citizen and public interest law firm liftW suit Trump confronts dogs just minutes after taking office.
The lawsuits allege violations of the Federal Advisory Committee Act. Critics say the plan allows individuals like Musk to government decision There is not enough transparency or oversight.
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