ARK Invest CEO Cathie Wood has expressed her support for Tesla CEO Elon Musk as he assumes a new role spearheading an audit committee for the federal government. Musk was appointed by President-elect Donald Trump to lead the Department of Government Efficiency (DOGE), which aims to cut costs across the entire federal government.
Wood believes Musk’s unique understanding of the current technological landscape and his vast amount of proprietary data from his companies will be valuable assets in this role. She notes that Musk has a proven track record of overcoming incredible odds in his business career, including founding and being pushed out of PayPal, and revolutionizing space travel and electric vehicles with SpaceX and Tesla.
Wood’s ARK Invest fund holds significant shares in Musk’s companies, SpaceX and Tesla. She points to Musk’s ability to “bring a lot of efficiency to government” and notes that the commission will use technology and other sensible measures to rein in government spending. The specifics of how the commission would work are still unclear, but Wood is optimistic about its potential.
Musk has stated his aim to cut $2 trillion from the federal budget, which would require legislative action. However, some cost cuts could be offered as recommendations to government agencies. Despite the challenges, Wood believes Musk and co-director Vivek Ramaswamy will make a positive impact on reducing government spending.
Source: https://fortune.com/2024/11/15/cathie-wood-elon-musk-doge-government-efficiency-proprietary-data