President-elect Donald Trump picked Elon Musk and Vivek Ramaswamy to lead a new commission on cutting government spending and regulation.

Trump named tech billionaire Elon Musk and conservative activist Vivek Ramaswamy to head up a new "Department of Government Efficiency," fulfilling a campaign pledge to give Musk sweeping oversight of government spending.

Former Republican presidential candidate Vivek Ramaswamy will co-lead the newly created department that Trump indicated will operate outside the confines of government.