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Wood has been a longtime backer of Musk and his companies. Various ETFs at her $6 billion ARK Invest fund hold significant numbers of shares in Musk’s companies SpaceX and Tesla. Like many Musk supporters she pointed to his track record of overcoming incredible odds in his business career, which includes founding and being pushed out of PayPal in 2000 and then revolutionizing space travel and electric vehicles with SpaceX and Tesla. “We’ve faced this question about Elon for many years, as he started one company after another,” Wood said.
Former Republican primary candidate Vivek Ramaswamy will be co-director of the group alongside Musk. Wood said Ramasawamy’s background as biotech investor would help him effectively cut costs “from a health care point of view”
“They will use technology and other sensible measures to really rein in government spending,” Wood said of Musk and Ramaswamy. “So I think it’s a good thing.”
The specifics of how the commission would work are still unclear. For starters, it would not be a genuine government agency operating within the federal government. It would be an external group similar to a consulting or accounting firm. Musk has said he aims to cut $2 trillion from the roughly $6.8 trillion federal budget.
Some cost cuts would likely require legislation. However, others could be offered as recommendations to government agencies that would adopt the cost-cutting measures. Both cases would likely result in a political fight.
“Here’s the truth: The only governing force that can stop or temper that [is] going to be the bravest Republicans in the House or in the Senate,” Sen. John Fetterman (D-Pa) told NBC News. “It’s not going to be us, because we won’t have the votes. We don’t have the votes. We’re in the minority.”
https://fortune.com/2024/11/15/cathie-wood-elon-musk-doge-government-efficiency-proprietary-data/