Elon Musk has warned that the US government is on the verge of going bankrupt if it doesn't control its skyrocketing debt. The billionaire entrepreneur has taken a bold step by agreeing to co-lead a new team under President-elect Donald Trump that aims to tackle this huge problem and cut government spending.

Musk's warning comes after a prediction from Kalshi, a financial company that lets people bet on future events. Kalshi’s market suggested there’s a 36% chance the government will red...