"We could save a lot of money by replacing the Fed with the Magic 8-Ball," Elon Musk wrote on the X platform. Musk also said that there are more than 400 federal agencies in the United States that once met with a new agency that is about to be established but has not yet been named. The reason why this agency does not have a name is that all the good acronyms have been taken. (Note: The Chinese name of MAGIC 8 BALL is Magic 8 Ball, which is a toy with random answers.)