Last week, Trump named former Republican presidential candidate Vivek Ramaswamy and Tesla CEO Elon Musk to lead the presidential advisory commission, DOGE. Their work must be completed no later than July 4, 2026, Trump said in his statement.

Ramaswamy told Fox Business on Sunday that “there is massive waste, fraud, and abuse right now.”

“Federal contractors are really exploiting the federal government,” he said.

When Fox host Maria Bartiromo asked him whether entire government agencies will be closed, he responded in the affirmative.

“We expect mass reductions. We expect certain agencies to be deleted outright,“ Ramaswamy said. ”We expect mass reductions in force in areas of the federal government that are bloated. We expect massive cuts of all federal contractors and others who are overbilling the federal government. So, yes, we expect all of the above.”

As a presidential candidate, Ramaswamy had called for totally eliminating or restructuring of several agencies, including the FBI, the Department of Education, the Internal Revenue Service, the Bureau of Alcohol, Tobacco, Firearms and Explosives, and the Centers for Disease Control and Prevention.

Elaborating on Fox, Ramaswamy said that “failures of the executive branch need to be addressed.”

“Unelected bureaucrats in the administrative state that was created through executive action” are running the government, he said, which needs to be fixed by the executive branch.

“This is about restoring self-governance and accountability in America as well. Elected leaders, if they make the wrong decisions, voters have a great choice. You can vote them out and remove them,” Ramaswamy said.

“Most of the people making these decisions from health care to the Department of Defense are failing on effectiveness because they have no accountability. Historically, it’s been the view of many scholars to say that those people could not even be fired. Now, we take a different view with the environment the Supreme Court has given us in recent years, and we’re going to use that in a pretty extensive way to move quickly.”

DOGE will not be an official government agency, meaning that both Ramaswamy and Musk are not considered Cabinet members in the incoming Trump administration and therefore not subject to the Senate confirmation.

Both Ramaswamy and Musk, as well as Tulsi Gabbard, House Speaker Mike Johnson (R-La.), and Robert F. Kennedy Jr. joined the president-elect at a UFC event at New York City’s Madison Square Garden on Saturday night. Gabbard is Trump’s pick for director of national intelligence, while Trump nominated Kennedy to lead the Department of Health and Human Services (HHS).

On Thursday, DOGE’s account on social platform X, which is owned by Musk, posted a job listing announcement that is calling for individuals to work 80 or more hours per week ahead of Trump’s return to the White House.

Musk and Ramaswamy both threw their support behind Trump this year.

Over the past month, Trump Media & Technology Group Corp, which trades as DJT, has surged by 220 percent, or about $35 per share. As of Wednesday, DJT is trading at around $51 per share.

The company is now valued at more than $10 billion after its shares more than quadrupled since late September.

Meanwhile, X Holdings is valued at around $9.4 billion, based on the most recent value the investment group Fidelity assigned to its stake in the company formerly known as Twitter.

Since it went public in March, Trump’s company stock has been especially volatile, often depending on news updates related to the former president. When a jury convicted him on 34 counts of falsifying business records in New York on May 31, the company’s shares also saw a drop.

Meanwhile, in mid-September, the stock plunged to a low of about $12 per share, which put the company at a value of about $3 billion. But since then, it has posted steady gains on a daily basis.

After the attempted assassination of Trump on July 13, the company’s stock jumped by more than 60 percent.

The recent surge in the company’s stock could be attributed to the proximity of the Nov. 5 election between Trump, the Republican presidential nominee, and his Democratic challenger, Vice President Kamala Harris.

Trump owns around 115 million shares of the company, according to filings with the Securities and Exchange Commission. With the stock surge, Trump’s net worth has also been on the upswing, according to Forbes magazine, and he’s now worth about $8 billion.

When Musk took over Twitter in October 2022, the company was valued at around $44 billion. At that time, Fidelity Investments valued its stake at $19.7 million. In a recent regulatory filing, Fidelity’s Blue Chip Growth fund said its stake in X Holdings was worth about $4.2 million.

Other companies that Trump Media is now bigger than include Caesars Entertainment, Match Group, Walgreens Boots Alliance, and Hasbro, the maker of the Monopoly game.

Musk has become one of Trump’s most prominent supporters in the former president’s bid to get reelected. Musk has committed more than $70 million to boost Trump and has recently held a number of town halls in support of the former president.

Trump launched Truth Social in 2022, months after his Twitter account was suspended by Twitter’s previous management before Musk took over and renamed the platform X. The former president often uses Truth Social to deliver updates on his campaign, provide endorsements to Republican candidates, and provide his commentary on his legal and civil court cases.

But in recent months, Trump has returned to X and is now heavily using the site to promote his campaign. Musk endorsed the former president in July and has been campaigning for him, namely in the battleground state of Pennsylvania.

Based in Sarasota, Florida, Trump Media has been losing money and struggling to raise revenue, according to filings with the Securities and Exchange Commission. It lost more than $16 million in the quarter ending June while generating only $837,000 in revenue, according to the filings.

The Associated Press contributed to this report.

As of Sunday afternoon, data provided by the University of Florida’s Election Lab shows 41.2 million voted by mail or early in person in the vast majority of states, with only a few states not reporting data.

Compared with four years ago, Republicans are returning more mail-in ballots and voting early in-person. Party affiliation does not mean that voters cast ballot for their party’s nominated candidate, meaning there is no way to definitively know what presidential candidate is ahead.

In states that report votes by party, registered Democrats have a 3.8 percent lead over registered Republicans, with 40 percent to 36.2 percent, respectively. Independent or minor party voters make up about 23.8 percent of the remainder, according to data provided by the lab.

Republicans have a 9-point advantage over Democrats during in-person early voting, while Democrats have a more than 11-point lead over Republicans for mail-in ballot returns, the data show.

As of Oct. 25, only 24.5 percent of mail-in ballots returned were from Republicans, while about 52.3 percent of Democrats did so, according to the Election Lab. Some 22.6 percent of returned mail ballots were from independents or those registered with minor parties.

Republicans in 2020 also had a smaller lead voting in-person early, the data show. At the time, some 40.2 percent of Republicans voted in-person early, while 37.5 percent were Democrats.

States that have reported no data so far include New York, Alabama, New Hampshire, and Oklahoma.

Swing-State Breakdown

In Nevada, Republicans have a 5.1 percent early voting lead—or 31,000 votes—over Democrats, the Election Lab’s data show. That state was called for President Joe Biden over Trump in 2020.

Meanwhile, Republicans have a 6.9-percent advantage over Democrats in Arizona, a state that only reports mail-in ballots. Biden was also certified the victor in Arizona by a slim, 10,000-vote margin four years ago.

Voting by mail is extremely popular in Arizona, with nearly 90 percent of voters having cast their ballots early, most by mail, in 2020. Election officials in Arizona can begin processing and tabulating mail ballots upon receipt, but results cannot be released until one hour after polls close.

Late last week, Republicans pulled ahead in North Carolina, a state won by former President Donald Trump in 2020. By Sunday, the lead increased marginally to about 1.1 percent, or about 30,000 votes, over Democrats, data show.

Earlier this month, Trump visited areas in North Carolina that were ravaged by Hurricane Helene, saying that some Americans in the region “felt helpless and abandoned and left behind by their government.”

“In North Carolina’s hour of desperation, the American people answered the call much more so than your federal government,” he said.

And in mid-October, Vice President Kamala Harris held a rally in Greenville, North Carolina, and told a crowd that she wants to “fight for the ideals of our country and to fight to realize the promise of America.”

Pennsylvania has only reported mail-in ballots as of Oct. 27, showing that Democrats have taken a more than 330,000-vote lead over Republicans. However, Democrats’ lead has narrowed in recent days, down about 19,000 votes since Oct. 24, data show.

Pennsylvania did not have a clear winner in 2020 for four days after Election Day, as officials sifted through a huge backlog of mail ballots. The state is among only a handful that do not permit election workers to process or tabulate mail ballots until 7 a.m. ET on Election Day, which means it will likely again take days before the outcome is known.

Georgia, Michigan, and Wisconsin do not report party affiliation via the Election Lab website.

Reuters contributed to this report.

The FBI and the U.S. Cybersecurity and Infrastructure Security Agency (CISA) said they have “no information suggesting cyber activity against U.S. election infrastructure” that has “compromised the integrity of voter registration information, prevented an eligible voter from casting a ballot, impacted the integrity of any ballots cast, or disrupted the ability to count votes or transmit unofficial election results in a timely manner.”

But the two agencies said that foreign adversaries still might promote “false or misleading narratives” to sway the election or to undermine American confidence in its election systems and processes.

Specifically, the two agencies warned of election-related content produced by artificial intelligence (AI) that has lowered the guardrails for malicious or foreign actors to create more advanced schemes to influence the election.

“We are seeing foreign actors use these tools to develop and distribute more compelling synthetic media messaging campaigns and inauthentic news articles, as well as synthetic pictures and deepfakes (video and audio) at greater speed and scale across numerous U.S.- and foreign-based platforms,” their joint bulletin said.

“These efforts to develop content are designed to undermine voter confidence and to entice unwitting consumers of the information to discuss, share, and amplify the spread of false or misleading narratives.”

In one example of AI-aided content produced by foreign actors ahead of the election, the agency said that Russian groups have “created and deliberately designed” web pages “to look like legitimate mainstream news websites” such as The Washington Post or Fox News.

“Russian malign influence actors also created fake social media profiles posing as U.S. citizens to direct users to these fake news websites and purchased social media advertisements to drive traffic to the specific fake articles on the fake news site,” the two agencies cautioned.

The PSA highlights specific examples of tactics we have seen used by Russia and Iran during the 2024 election cycle to target all Americans. These include things from mimicking national level media outlets like The Washington Post and Fox News and creating inauthentic news sites posing as legitimate media organizations to using paid influencers to hide their hand.

In late September, three Iranian government employees were charged and identified by the Department of Justice for a wide-ranging hacking conspiracy that targeted both current and former U.S. officials as well as political campaigns.

The bulletin was referring to an indictment that was returned last month that accused Masoud Jalili, Seyyed Ali Aghamiri, and Yasar Balaghi of trying to hack the campaign of a presidential candidate, without providing names. But in a news conference last month, Attorney General Merrick Garland confirmed that they were targeting the campaign of former President Donald Trump.

Iran-backed hackers who breached the Trump campaign in June and July sent emails with hacked campaign materials to people associated with President Joe Biden’s campaign as well as various media outlets, said the FBI, CISA, and the Office of the Director of National Intelligence last month.

But the agencies said that the the campaign of Biden, who suspended his presidential bid in late July, was not interested in the hacked materials. There is also no evidence the Biden campaign even responded to the emails, which were described by the intelligence and cybersecurity agencies as unsolicited.

“It is important for voters to critically evaluate information sources, particularly as disinformation campaigns evolve to use AI-generated content,” both CISA and the FBI said in a news release accompanying the bulletin. “Both agencies urge the American public to rely on trusted information from state and local election officials and to verify claims through multiple reliable sources before sharing them on social media or other platforms.”

Closures of Walgreens stores were announced in June, but the company had not disclosed the number of affected stores at that time. It had more than 8,000 stores in the United States as of Aug. 31 last year.

In a statement, the company said that as part of a “footprint optimization program,” there will be about 1,200 closures around the country until 2027. That includes about 500 store closures in the fiscal year 2025, which will “immediately” provide the company with some “free cash flow.”

“Our financial results in the fiscal fourth quarter and full year 2024 reflected our disciplined execution on cost management, working capital initiatives and capex reduction,” Walgreens CEO Tim Wentworth said in the statement.

He said that in the next fiscal year, Walgreens will be “focusing on stabilizing the retail pharmacy by optimizing [the company’s] footprint, controlling operating costs, improving cash flow, and continuing to address reimbursement models to support dispensing margins and preserve patient access for the future.”

“This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term,” said Wentworth, who was named chief executive officer in 2023.

Walgreens, like its competitors, has been struggling for years with tight reimbursement for the prescriptions it sells as well as other challenges such as rising costs to operate its stores. Drugstore chains have also been dealing with more competition from online retail giant Amazon, as well as Walmart and Target.

Rival CVS Health Corp. is wrapping up a three-year plan to close 900 stores. Another major chain, Rite Aid Corp., emerged from a bankruptcy reorganization earlier this year after whittling its store count down to about 1,300 locations.

Walgreens has also been backing away from a plan to add primary care clinics next to some of its stores after launching an aggressive expansion under previous CEO Rosalind Brewer.

Walgreens said Tuesday that its net loss swelled to more than $3 billion in the final quarter of 2024. The company said softer U.S. retail and pharmacy performance hurt operating income. It also booked some hefty charges tied to opioid litigation settlements the company had recognized in previous quarters and an equity investment in China.

Walgreens shares rose by almost 4 percent on Tuesday morning before Wall Street’s opening bell.

A filing with the U.S. Securities and Exchange Commission in August revealed that Walgreens had considered selling off at least parts of its VillageMD subsidiary business. VillageMD describes itself as a doctor-staffed primary care clinic operator.

Earlier in October, CVS said it was cutting about 2,900 jobs across the United States as part of a cost-savings program, according to a statement. Those layoffs will mainly impact corporate jobs and will represent fewer than 1 percent of the company’s workforce.

The reductions, part of CVS’s previously announced plan, would primarily impact corporate roles and not frontline jobs in stores, pharmacies, and distribution centers, it said.

The Associated Press and Reuters contributed to this report.