Trump said in a statement Tuesday night that Ramaswamy and Musk—the wealthiest person in the world, who oversees six companies—would lead what the president-elect called the Department of Government Efficiency, or DOGE. The group’s mandate is to streamline government bureaucracy, the president-elect said.

Vivek Ramaswamy, a biotech investor, will work with the SpaceX founder to "drive large scale structural reform", Trump said.

President-elect Donald Trump picked Elon Musk and Vivek Ramaswamy to lead a new commission on cutting government spending and regulation.

The move comes after Musk became one of Trump's staunchest supporters, and biggest financial backers, during the last stage of his presidential campaign

The billionaire CEO and former presidential candidate will advise on cost-cutting plans through the nongovernmental group, though many questions remain.

Trump named tech billionaire Elon Musk and conservative activist Vivek Ramaswamy to head up a new "Department of Government Efficiency," fulfilling a campaign pledge to give Musk sweeping oversight of government spending.

President-elect Donald Trump says Elon Musk and former GOP presidential candidate Vivek Ramaswamy will lead a new, nongovernmental group called the "Department of Government Efficiency."