Elon Musk slashes $2 trillion plan to add assistants? Hedge fund mogul Ackman considers joining Trump's Efficiency Commission

Although the incoming U.S. President Trump has not officially taken office yet, Tesla CEO Elon Musk may already have a new ally in his plan to drastically cut government spending: hedge fund mogul Bill Ackman.

On November 8th, Friday Eastern Time, a user on the social media platform X, formerly known as Twitter, asked Ackman if he would consider joining Musk in the newly proposed "Department of Government Efficiency" (DOGE) that Trump suggested during his campaign. Ackman clearly responded that he would, and added a reply mentioning Musk.

Ackman replied:

"I want to clarify that I will not step down from my daily work to take a government position, but like @Elon Musk, who has six full-time jobs, I would be happy to do whatever I can to help DOGE succeed."

Following Ackman's reply, a comment from another user stated that it is refreshing to see successful individuals willing to step up to help their country rather than further increase their personal wealth.

If Trump follows through on his promise to establish DOGE after taking office and Ackman considers taking action, he could indeed become Musk's ally in significantly reducing government spending. Moreover, Ackman is not the first Wall Street figure to express a willingness to serve DOGE.

Wall Street Journal mentioned that last week, hedge fund veteran John Paulson stated in an interview that if he could serve as U.S. Treasury Secretary in Trump's new government, his top priority would be to extend the Tax Cuts and Jobs Act enacted in 2017 during Trump's presidency, followed by "working with Musk to cut federal spending," particularly by eliminating the green energy subsidies in the Inflation Reduction Act introduced by the Biden administration.

On September 5th, Trump publicly stated that if he wins the election, he would adopt Musk's suggestion to formally establish DOGE, led by Musk. The committee would be responsible for "conducting a comprehensive financial and performance audit of the entire federal government" and making recommendations for "sweeping reforms" to reduce government spending.

Trump did not elaborate on how DOGE would operate but mentioned that the first task after its establishment would be to develop an action plan within six months to "eliminate fraud and improper payments." This could save the U.S. "trillions of dollars" in federal government spending.

On the same day, Musk responded on X to the news of Trump accepting his proposal to establish DOGE, saying that if given the opportunity, he looks forward to serving the U.S. "without compensation, without a title, and without recognition."

In October, Musk mentioned DOGE again, stating that he could cut the federal budget of $67.5 trillion by at least $2 trillion. This amounts to a 30% reduction, but he did not specify how this would be achieved. Musk said at the time, "Your money is being wasted, and DOGE will solve this problem. We will make the government stop bothering you and stop emptying your wallets."

Shortly after Musk's remarks, Paulson made statements indicating his intention to help him reduce spending.

Seeking to delist Pershing Square and Universal Music Group from Amsterdam

While considering joining DOGE, Ackman’s focus will primarily remain on his hedge fund, Pershing Square, at least in the near term. This Friday, he posted on X announcing that he is seeking board approval for Pershing Square to delist from the Euronext Amsterdam in the Netherlands.

Ackman stated that the board is already considering this move, as Pershing Square's secondary listing in London currently accounts for over 90% of the total trading volume. He also mentioned that the events that occurred in Amsterdam over the past 24 hours provided a "proper turning point" for the board to conclude on the delisting.

Ackman also revealed that he has begun discussions with Universal Music Group (UMG), where he serves on the board, about relocating the company's headquarters and listing from Amsterdam to the United States. He said Pershing Square will exercise its contractual rights to facilitate UMG's listing in the U.S. by sometime next year at the latest.

According to CCTV, the Dutch police issued a statement on November 8, local time, stating that on the night of the 7th, Israeli fans were attacked and abused at several different locations in downtown Amsterdam. The police have arrested 62 people in connection with the attacks on Israeli fans, and 5 others were hospitalized with injuries. The Israeli government described this as an "attack against Israeli citizens." Danny Danon, Israel's permanent representative to the United Nations, called the violent acts a "massacre."