President-elect Donald Trump has announced billionaire Elon Musk and former Republican presidential candidate Vivek Ramaswamy will head the yet-to-exist Department of Government Efficiency, or DOGE.
The acronym coincides with the name of the digital currency of which Musk is a fan, and the prices of which shot through the roof ever since Trump won the battle for the Oval Office.
"These two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies," Trump announced in a statement on Tuesday.
It is yet to be revealed what the remit of the department would be, with the statement only disclosing it would "provide advice and guidance from outside of Government" and on the Office of Management & Budget.
Trump announced Musk's name for the first time in September as a possible member of his cabinet if he won the election.
Musk has been critical of the Joe Biden administration and called for cutting $2 trillion in federal spending.
On X, a platform he owns, Musk has already revealed his intent to cut down the budget size of the Department of Education and National Public Radio.
The billionaire has been among Trump's most ardent supporters and spent close to $200 million into his political action committee, the America PAC, a group he used to support the Trump campaign.
"We're going to make the spending lower. And if somebody's got a better idea for how to make the spending lower, tell us. But if we don't, we're going to bankrupt the country. And so, we got to do something. And it's got to be some pretty big moves," Musk said at a Trump rally in Lancaster, Pennsylvania last month.
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