Market Data 
- Elon Musk on Sunday briefly spoke at a campaign rally for Donald Trump in New York.
- In his speech, Musk said he’d save the US $2 trillion through a department of government efficiency.
- Musk and Trump have both suggested that Musk could be a member of Trump’s cabinet if he’s reelected.
Elon Musk on Sunday gave a brief speech during a New York campaign rally for former President Donald Trump, in which the Tesla CEO said he’d save the United States $2 trillion in tax spending through a department of government efficiency.
While introducing Musk, Howard Lutnick, the CEO of the financial services company Cantor Fitzgerald, described the SpaceX CEO as the “greatest capitalist in the history of the United States of America.” As he took the stage, Lutnick asked Musk, “How much do you think we can rip out of this wasted $6.5 trillion Harris-Biden budget?”
“I think we can do at least $2 trillion,” Musk replied, receiving cheers from the crowd. “I mean, at the end of the day, you’re being taxed. You’re being taxed. All government spending is taxation. So whether it’s direct taxation or all government spending, it either becomes inflation or it’s direct taxation.”
Musk added: “Your money is being wasted, and the Department of Government Efficiency is going to fix that. We’re going to get the government off your back and out of your pocketbook.”
Both Musk and Trump have in recent weeks suggested that Musk could hold a seat in Trump’s cabinet if he’s reelected. In a September speech, Trump said that if he wins reelection, he plans to create a government efficiency commission to be overseen by Musk, which the Tesla CEO has said he “can’t wait” to run.
Musk, in his Sunday speech, did not elaborate on specific policy changes or spending cuts he planned to implement if he joined a hypothetical second Trump administration.
Musk and representatives for the Trump campaign did not immediately respond to a request for comment from Business Insider.
