New Delhi

Activist-investor Bill Ackman has rallied behind Trump’s incoming initiative, known as the Department of Government Efficiency (DOGE).    

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Led by Elon Musk and Biotech investor Vivek Ramaswamy, the initiative is set to “dismantle” bureaucracy and cut government waste.    

Bill Ackman said in a post, "The business community is giddy with excitement about the administration. I am hearing this from everyone, including from people who didn’t vote for Trump."  

"Business confidence is a self-fulfilling prophecy. Business leaders are becoming more confident about the country and the economy. This means they will be making more investments in our future, which will drive the economy and the stock market, reducing the cost of capital and bolstering confidence further, catalysing more investment and more growth in a self-reinforcing, virtuous cycle," he added. 

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The DOGE initiative, which isn’t an official government agency, aims to identify and reduce inefficiencies across federal spending.   

Musk has proposed $2 trillion in cuts to government expenditure, a sweeping reduction equal to nearly a third of the federal budget.   

With direct input from the Office of Management & Budget, Musk and Ramaswamy plan to streamline or close hundreds of agencies, citing overlapping responsibilities as a major source of inefficiency.