Donald Trump has appointed Elon Musk and former Republican presidential rival Vivek Ramaswamy to head up a new “Department of Government Efficiency” (DOGE) aimed at drastically cutting back the size of the U.S. Government. The department – which won’t be an official government agency – will be shortened to DOGE, a reference to Musk’s favorite cryptocurrency Dogecoin. In a statement on Tuesday (Nov, 12) President-Elect Trump said the pair “will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.” The appointment of the world’s richest man to the advisory role fulfills earlier promises Trump made to Musk.