Donald Trump has tasked Elon Musk with setting up a panel to streamline the U.S. government. Although the president-elect has said little about how this group would operate, Musk has previously set an ambitious goal of cutting $2 trillion of spending.

President-elect Donald Trump has announced that billionaire Elon Musk and Vivek Ramaswamy, a former presidential candidate and ally of Trump, will lead a new Department of Government Efficiency. "Together,

Elon Musk, the world’s richest person, will be taking on an official role to try to help President-elect Donald Trump make government more efficient. It will add yet another responsibility to an ever-growing to-do list for the increasingly distracted CEO and business leader.

U.S. President-elect Donald Trump on Tuesday named Elon Musk and former Republican presidential candidate Vivek Ramaswamy to lead a newly created Department of Government Efficiency, rewarding two of Trump's well known supporters from the private sector.

President-elect Donald Trump on Tuesday night announced Elon Musk will help lead an effort to cut government regulations and slash spending, making good on a campaign pledge to put the Texas billionaire who spent $119 million to get him elected in charge of the so-called “Department of Government Efficiency.