President-elect Donald Trump has tasked billionaire Tesla CEO Elon Musk with setting up a panel to streamline the U.S. government. Although Trump has said little about how this group would operate, Musk previously set an ambitious goal of cutting $2 trillion of federal spending.

Billionaires Elon Musk and Vivek Ramaswamy are looking to conduct a “massive downsizing” of the federal government.

Elon Musk and Vivek Ramaswamy are set to take the reins of the brand new “Department of Government Efficiency” (DOGE) under President-elect Trump — a panel with bold ambitions of slashing government costs and restructuring federal agencies.