USA TODAY NETWORK President-elect Donald Trump has announced that Texas billionaire Elon Musk and former Republican presidential candidate Vivek Ramaswamy, a close ally of Trump, will head a newly established "Department of Government Efficiency." Trump stated that the Department of Government Efficiency will not function as a federal agency within the U.S. government. Instead, it will offer advice and guidance "outside of government" while collaborating with the White House and the Office of Management and Budget to "drive structural government reform." "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," Trump said in a statement. He said the team's work will conclude no later than July 4, 2026. During the 2024 campaign, Musk said he could stabilize the federal budget by eliminating $2 trillion from it if he were to accept the role of “Department of Government Efficiency” or DOGE, referring to the cryptocurrency he runs. Musk has yet to explain how he would fix the budget. Trump says he'll create a government efficiency commission In a Sept. 5 speech, Trump pitched the idea of a government efficiency commission to the Economic Club of New York. At the time, he said the commission would conduct "a complete financial and performance audit of the entire federal government" and recommend changes. "I will create a government efficiency commission tasked with conducting a complete financial and performance audit of the entire federal government and making recommendations for drastic reforms," Trump said in that speech. Who is Vivek Ramaswamy? Ramaswamy, a 39-year-old biotech entrepreneur and son of Indian immigrants, unsuccessfully ran in the 2024 Republican primary but soon became a close ally of Trump. During his campaign, he pushed for eliminating several federal agencies, including the FBI, Department of Education, and the Nuclear Regulatory Commission. What did Elon Musk say about his role? Musk hosted an Aug. 19 podcast where he talked with the former president about the government efficiency commission and expressed interest in serving on it. "I look forward to serving America if the opportunity arises," Musk wrote on X. "No pay, no title, no recognition is needed." What is Elon Musk's net worth? According to Forbes, Musk's net worth is $316.2 billion. The source of his net worth comes from the following: SpaceX was founded in 2002 and is worth nearly $210 billion based on a tender offer launched during the second half of 2024. Musk owns an estimated 42% stake. Musk owns an estimated 60% of xAI, which he founded in 2023. Private investors valued the company at $24 billion in May 2024. Elon Musk co-founded seven companies, including electric car maker Tesla, rocket producer SpaceX and artificial intelligence startup xAI. — USA TODAY contributed to this story.