Republican presidential nominee, former President Donald Trump offers his hand to Elon Musk back stage during a campaign rally at the Butler Farm Show grounds on Oct. 5 in Butler, Pennsylvania. (Getty Images)

US President-elect Donald Trump announced Tuesday that Tesla CEO Elon Musk, working in tandem with entrepreneur Vivek Ramaswamy, will lead the Department of Government Efficiency, an organization tasked with reducing bureaucracy in the federal government.

Trump issued a statement on the designation as he pledged during a presidential campaign to establish the department as part of a government reform effort.

"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," Trump said.

"Together, 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 -- Essential to the 'Save America' Movement," he added.

The president-elect said that the department will provide advice and guidance from outside of the government and will partner with the White House and Office of Management and Budget to drive "large scale structural reform," and create an entrepreneurial approach to government.

He said that the work for Musk and Ramaswamy will conclude no later than July 4, 2026.

"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," he said. "I am confident they will succeed!" (Yonhap)