Musk's DOGE will impact corporate America, warns deVere CEO.

Elon Musk's Department of Government Efficiency (DOGE) is preparing to make significant cuts to federal spending, which could have serious repercussions for companies tied to government contracts. This warning comes from Nigel Green, CEO and founder of global financial consultancy group deVere. Major corporate player Accenture has already felt the impact of these changes, with its shares dropping 7.3% following the announcement that lost contracts with federal agencies were affecting revenues.

Green stated, "DOGE's mission is not only to reduce waste but to fundamentally change how the federal government spends money." The plan aims to cut $500 billion in spending that the administration deems "unauthorized or misallocated." This could lead to budget cuts for defense contractors, pharmaceutical companies, consulting firms, IT providers, and clean energy companies that have historically benefited from government spending.