Trump Names Elon Musk As Head Of 'Government Efficiency'

U.S. President-elect Donald Trump has named Tesla Inc TSLA CEO Elon Musk as the head of the "Government Efficiency Department" to be established in the next administration.

Trump issued a statement on the 12th local time, announcing that along with Musk, entrepreneur-turned-Vivek Ramaswamy would lead the government's efficiency department.

Earlier, Ramaswamy resigned after participating in this year's Republican presidential race.

"Musk and Ramaswamy will pave the way for dismantling government bureaucracy, reducing excessive regulations, and reducing wasteful spending," Trump said in a statement.