Musk and Ramaswamy will lead a new “Department of Government Efficiency" — which is not, despite the name, a government agency.

U.S. President-elect Donald Trump said on Tuesday Elon Musk and former Republican presidential candidate Vivek Ramaswamy will lead the Department of Government Efficiency.

President-elect Donald Trump picked Elon Musk and Vivek Ramaswamy to lead a new commission on cutting government spending and regulation.

President-elect Trump has named Elon Musk and Vivek Ramaswamy to lead a department of government efficiency. NBC News Vaughn Hillyard has more on Trump's latest cabinet picks and the new agency.

President-elect Donald Trump announced Tuesday that billionaire Elon Musk and businessman Vivek Ramaswamy will head up a new temporary 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,

These two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” said Donald Trump in a statement.

President-elect Donald Trump announced Tuesday that Elon Musk and Vivek Ramaswamy will lead a new “Department of Government Efficiency” in his second administration.

President-elect Donald Trump says Elon Musk and former GOP presidential candidate Vivek Ramaswamy will lead a new “Department of Government Efficiency.”

Trump made the announcement on social media, fulfilling a promise during the campaign to give Musk sweeping oversight of federal spending.

President-elect Donald Trump on Tuesday night announced Elon Musk will help lead an effort to cut government regulations and slash spending, making good on a campaign pledge to put the Texas billionaire who spent $119 million to get him elected in charge of the so-called “Department of Government Efficiency.