President-elect Donald Trump made good on one of his campaign promises Tuesday night when he officially appointed billionaire Elon Musk to lead the new “Department of Government Efficiency,” along with entrepreneur Vivek Ramaswamy.

Musk and Vivek Ramaswamy — the pharmaceutical mogul and former Republican presidential hopeful — have been picked to lead a brand new agency tasked with "large scale structural reform" of the federal government.

To do that, he’s creating a new agency, called the Department of Government Efficiency.If the name sounds like a meme, it’s because it is. DOGE is the brainchild of billionaire Elon Musk, who came up with the acronym in homage to the mascot for the digital currency Dogecoin,

President-elect Trump announced Elon Musk and Vivek Ramaswamy as the leaders of his new Department of Government Efficiency, aiming to reduce federal waste and bureaucracy.

Musk—the CEO of Tesla and SpaceX, and owner of X (formerly Twitter)—was quoted in Trump's announcement as saying that DOGE "will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people!"

Trump has given two entrepreneurs a mission to make the government more efficient. It's unclear how Elon Musk and Vivek Ramaswamy would accomplish that.

Donald Trump has tasked Elon Musk with setting up a panel to streamline the U.S. government. Although the president-elect has said little about how this group would operate, Musk has previously set an ambitious goal of cutting $2 trillion of spending.

All actions of the Department of Government Efficiency will be posted online for maximum transparency. Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know! We will also have a leaderboard for most insanely dumb… https://t.co/1c0bAlxmY0

Eric Adams continues his soft touch with Trump, declining to opine on the nomination of Matt Gaetz as attorney general.