The proposed department, abbreviated as D.O.G.E, will seek to make government spending of taxpayer money more efficient while streamlining departments that handle spending.

Tesla's share price has climbed by around 28% since Tuesday's close. The company on Friday hit a trillion-dollar market valuation.

Elon Musk’s net worth has hit a major milestone, surpassing $300 billion for the first time in nearly three years, Bloomberg reports. The jump follows growing optimism that President-elect Donald Trump's administration would provide a favorable environment for Musk's businesses.

Elon Musk’s net worth has surpassed $300 billion for the first time in almost three years, as shares of Tesla Inc. soar on bets that his close ties with President-elect Donald Trump will bolster the company.