U.S. President-elect Donald Trump announced on Tuesday that he has appointed Elon Musk to co-lead a newly created Department of Gove ment Efficiency.

Musk, the world’s richest person, will work alongside former Republican presidential candidate Vivek Ramaswamy in an effort to streamline gove ment operations.

In a statement, Trump explained that the new department aims to reduce bureaucracy, eliminate excess regulations, cut wasteful spending, and restructure federal agencies. Musk and Ramaswamy’s roles will be informal, meaning no Senate approval is required, and Musk will continue to lead his companies Tesla, X, and SpaceX.

The initiative, which will collaborate with the White House and the Office of Management and Budget, is set to conclude by July 4, 2026, coinciding with the 250th anniversary of the Declaration of Independence. This move further solidifies Musk’s growing influence in shaping gove ment policy.