President-elect Donald Trump has tapped billionaire entrepreneurs Elon Musk and Vivek Ramaswamy to lead a new department in charge of downsizing and restructuring the U.S. government to bring about “drastic change.”

This new division is called the Department of Government Efficiency, or the acronym DOGE, a reference to the cryptocurrency Musk has vocally supported.

Musk and Ramaswamy “will pave the way” for the Trump administration “to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” Trump wrote in an announcement on Tuesday on X, a platform owned by Musk.

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“Importantly, we will drive out the massive waste and fraud which exists throughout our annual $6.5 Trillion Dollars of Government Spending,” Trump wrote.

Musk and Ramaswamy have until July 4, 2026, or the 250th anniversary of the Declaration of Independence, to make the objectives of the new department a reality.

Both Musk and Ramaswamy were quick to respond to the news.

Ramaswamy wrote on X on Tuesday that DOGE will “soon” crowdsource, or ask the American people, for “examples of government waste, fraud, & abuse.”

He added in a separate post that “the only right answer is a massive downsizing” of the federal bureaucracy.

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Musk reposted Ramaswamy’s comments on Wednesday morning and wrote, “This is the only way.”

DOGE will soon begin crowdsourcing examples of government waste, fraud, & and abuse. Americans voted for drastic government reform & they deserve to be part of fixing it. https://t.co/iRXmgT6ZuQ

— Vivek Ramaswamy (@VivekGRamaswamy) November 13, 2024

This is the only way https://t.co/Lp7k907pHy

— Elon Musk (@elonmusk) November 13, 2024

The U.S. government spent $6.75 trillion in fiscal year 2024, which ran from October 1, 2023 to September 30, 2024.

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