US President-elect Donald Trump has announced that Elon Musk and Vivek Ramaswamy will co-head a new government agency that will oversee the efficiency of federal spending. Trump has named the new agency the Department of Government Efficiency (DOGE).

“Together, these two great Americans will pave the way for my administration to dismantle government bureaucracy, cut unnecessary regulations, cut wasteful spending, and restructure federal agencies that are essential to the ‘Save America’ movement,” Trump wrote.

“I look forward to Elon and Vivek transforming the federal bureaucracy with a focus on efficiency while improving the lives of all Americans,” he added.

During his campaign, Trump said he would create a federal government position for Musk, who is the richest person in the world and owns Tesla, SpaceX and the social network X.

“This is going to be a shock to the system and to all the people involved in government spending, and they are a huge number. Either we make government efficient, or America goes bankrupt. That’s what it’s going to lead to. I wish I was wrong, but that’s the way it is,” Musk said.

“We will not compromise,” Ramaswamy said.