Trump rewards Elon Musk with leading role in new ‘Department of Government Efficiency’

US 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.

Musk and Ramaswamy “will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” Trump said in a statement.

Trump said the new department “will provide advice and guidance from outside of government,” signalling the entity would operate outside the confines of government.

However, it would work with the White House and Office of Management & Budget to “drive large scale structural reform, and create an entrepreneurial approach” to government never seen before.

Trump said their work would conclude by July 4, 2026, making it a “gift” to the country on the 250th anniversary of the signing of the Declaration of Independence.

Musk, ranked by Forbes as the richest person in the world, already stood to benefit from Trump’s victory, with the billionaire entrepreneur expected to wield extraordinary influence to help his companies and secure favourable government treatment.