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Tesla (TSLA)

US president-elect Donald Trump has selected Tesla CEO Elon Musk to co-lead his newly created department of government efficiency.

In a statement released on X, the social media platform owned by Musk, Trump said that Tesla's CEO would lead the department with former Republican presidential candidate Vivek Ramaswamy.

Trump said that the department, which has the acronym "DOGE" — a reference to Musk's favourite cryptocurrency dogecoin (DOGE-USD) — "would provide advice and guidance from outside of government".

Musk said: "This will send shockwaves through the system, and anyone involved in government waste, which is a lot of people."

Tesla shares closed Tuesday's session down 6% but were back up nearly 3% in pre-market trading on Wednesday morning. The stock rallied on the back of Trump's election win last week, taking the company's market valuation past the $1tn (£784bn) mark.

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Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: "Elon Musk is well-known for having a finger in many pies, but now he’s also at Trump’s top table there will be renewed concern about the potential for messy decision-making at his companies.

"He’s taking multi-tasking to a whole new level, and these worries are showing up in Tesla’s share price, which has fallen back, erasing some recent gains on news of his appointment."

Apple (AAPL)

Tech company Apple is reportedly gearing up to launch an AI wall-mounted display with the ability to control appliances at home and handle video calls.

Bloomberg reported that Apple was looking to announce this new product as early as March and it is said that the new device would look like a square iPad.

Shares in Apple were flat in pre-market trading on Wednesday.

The report said that the new device would spotlight the company's new Apple Intelligence AI platform.

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A higher-end version of the product could reportedly cost as much as $1,000 depending on the components included, though a display-only device would cost far less than that.

This launch would come to a market where other tech giants already have their own home devices, including Amazon's (AMZN) Echo Show and Echo Hub, along with Alphabet-owned (GOOG, GOOGL) Google's Nest Hub.

A spokesperson for Apple was not available to respond to Yahoo Finance UK's request for comment at the time of writing.