President-elect Donald Trump announced Tuesday that billionaire Elon Musk and businessman Vivek Ramaswamy will head up a new agency known as the Department of Government Efficiency.
Trump in a statement said the two “will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies – Essential to the ‘Save America’ Movement.”
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In his own statement, Musk said the new agency “will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people!”
Musk was a major part of Trump’s reelection campaign effort, while Ramaswamy ran against Trump in the Republican primary before endorsing him.Â
The department’s acronym, DOGE, is also a dog meme that inspired Dogecoin, a cryptocurrency that was created as a joke and is credited with being the first meme coin.
This is a developing story and will be updated.Â