Deepwater Asset Management’s managing partner Gene Munster has supported Tesla Inc. (NASDAQ:TSLA) and SpaceX CEO Elon Musk’s new role in President-elect Donald Trump’s administration.
What Happened: On Wednesday, Munster took to X, formerly Twitter, and advised critics not to underestimate Musk.
“It takes longer for Elon’s visions to become reality,” he stated, adding, “It’ll likely take many years for Musk’s plans to result in a $2T reduction in government spend.”
Munster also said that the Tesla CEO operates under “first principles,” and he expects Musk to propose numerous ways to improve government operations in the coming months.
His final advice to those skeptical about Musk’s role in government was simple: “Don’t bet against Elon.”
Why It Matters: This development follows Trump’s plan to appoint Musk and former presidential candidate Vivek Ramaswamy to lead a new Department of Government Efficiency (DOGE).
Meanwhile, the leading dog-themed cryptocurrency, Dogecoin (CRYPTO: DOGE) surged by more than 93% over the past week, securing the sixth spot among the largest cryptocurrencies by market capitalization. The cryptocurrency shares the same acronym as the efficiency department.
The initiative, compared to “The Manhattan Project,” will focus on dismantling bureaucracy, reducing regulations, and cutting wasteful expenditures.
Previously, Musk had warned of “temporary hardship” for Americans as he aims to drastically reduce federal spending.
At the time, he said that cuts would be so broad that “everyone’s going to have to take a haircut,” and predicted pushback, calling it a necessary path to “long-term prosperity.”
Price Action: Following Trump’s announcement regarding the new department, Tesla shares ended Wednesday’s session with a 0.53% increase, ending at $330.24. However, in after-hours trading, the stock saw a slight dip, falling to $329.69 as of the latest update, according to the data from Benzinga Pro.
Dogecoin is currently priced at $0.3854, reflecting a 0.65% gain over the last 24 hours. However, the trading volume for DOGE has dropped by 38.05%, standing at $25.06 billion at the time of writing.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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