Trump announces Musk, Ramaswamy will lead newly-created Department of Government Efficiency

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."

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!"