[Economy PICK] Musk, the 'King's Man' Head of Government Efficiency!

[Anchor]
It's time for Economic Pick, which kindly solves economic issues.

Reporter Choi Doo-hee is here. Welcome.

Let's start with the first topic, the video.

U.S. President-elect Donald Trump Appointed Tesla CEO Elon Musk As Head Of Government Efficiency?

It's a little unfamiliar, what department is it?

[Reporter]
Yes. As you said, U.S. President-elect Trump has appointed Tesla CEO Elon Musk as the head of the government's efficiency department.

Trump said Musk and entrepreneur-turned-Vivek Ramaswamy would lead the department.

He also stressed that it is at the heart of the "Save America" movement, including removing excessive regulations and cutting wasteful spending.

In fact, the Ministry of Government Efficiency, a committee, is a newly formed department in the second Trump administration, which promotes the dissolution of the administration's bureaucracy, regulatory innovation, and restructuring of federal institutions.

Shortly after the appointment was announced, Musk also posted on social media that it would shock everyone involved in government waste, saying it was not a threat to democracy, but to bureaucracy.

[Anchor]
In this way, Musk is said to be the best beneficiary of the U.S. presidential election. So, how's the flow of Tesla shares with Musk as CEO?

[Reporter]
Yes. Tesla's stock price, which has been soaring for five days.

It has fallen in six days.

Tesla's stock price closed at $328.49 on the New York Stock Exchange on the 12th, down more than 6%.

However, Tesla's stock price soared 39.2% over the four trading days after Trump's election was confirmed, breaking the 52-week high every day.

After the U.S. presidential election alone, the stock price growth rate is still around 31%.

First of all, with Tesla's stock price seeming to be taking a breather, we have to wait and see what the flow of Tesla's stock price will look like in the future.

[Anchor]
In the meantime, investors are also flocking to Dogecoin, a virtual asset, right?

[Reporter]
Yes. Dogecoin is a coin that Musk has become famous for saying it is "better than Bitcoin" since 2019.

It is a virtual asset derived from an Internet meme or created for fun, so-called 'meme coin'.

As Musk publicly supports Trump, it is rising at a fierce pace since Trump's election confirmation on the expectation of benefits.

Also, the abbreviation for government efficiency I mentioned earlier is 'DOGE', which is the same as Dogecoin's abbreviation.

Dogecoin soared on the news that Musk was selected as the head of the government's efficiency department, but has since turned downward.

However, it should be noted that it will be issued without limits.

Experts are also warning that so-called "don't ask investments" seen in some coin overheating are dangerous.