Donald Trump appoints Elon Musk and Vivek Ramaswamy as leaders of new Department of Government Efficiency

President-Elect Donald Trump has named tech mogul Elon Musk and former GOP presidential candidate and entrepreneur Vivek Ramaswamy as the heads of a new Department of Government Efficiency.

In a statement posted to social media, Trump announced the formation of the department, along with its intent to 'dismantle Government Bureaucracy' and to 'slash excess regulations'.

"I am pleased to announce that the Great Elon Musk, working in conjunction with American Patriot Vivek Ramaswamy, will lead the Department of Government Efficiency ('DOGE')," Trump wrote, with the department's acronym notably referencing the popular internet meme and a cryptocurrency associated with Musk.

Elon Musk famously endorsed and supported Donald Trump throughout his 2024 presidential campaign (Anna Moneymaker/Getty Images)

The President-Elect went on to explain that Musk and Ramaswamy would "pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies – Essential to the 'Save America' Movement."

Trump further likened the new agency to the Manhattan Project, the United States' research initiative to produce the first nuclear weapons in World War II, and said that "republican politicians have dreamed about the objectives of 'DOGE' for a very long time."

"To drive this kind of drastic change," Trump continued. "The Department of Government Efficiency will provide advice and guidance from outside of Government, and will partner with the White House and Office of Management & Budget to drive large scale structural reform, and create entrepreneurial approach to Government never seen before."

Vivek Ramaswamy also endorsed Trump throughout his 2024 presidential campaign (Kevin Dietsch/Getty Images)

He concluded his statement by saying that Musk and Ramaswamy have a deadline of July 4, 2026 to conclude their work with the department, noting that "a smaller government with more efficiency and less bureaucracy will be the perfect gift to America on the 250th Anniversary of The Declaration of Independence. I am confident they will succeed."

Musk celebrated his new title on Twitter writing that the "merch will be…" along with three fire emojis and saying in a separate post: "Threat to democracy? Nope, threat to BUREAUCRACY!!!"

Meanwhile, Ramaswamy also celebrated the news, tweeting: "We will not go gently, @/elonmusk."

Musk took to Twitter to celebrate the news (Anna Moneymaker/Getty Images)

Trump won the 2024 US Presidential Election with 312 electoral votes, while also sweeping all seven swing states.

On election night last week, Trump addressed his supporters from his campaign's headquarters in West Palm Beach, Florida and shared: "Every single day I will be fighting for you, with every single breath in my body. I will not rest until we have delivered the strong, safe and prosperous America that children deserve."

"And that you deserve. This will truly be the golden age for America," he added.