U.S. President-elect Donald Trump has picked Tesla and SpaceX CEO Elon Musk to co-lead a newly created Department of Government Efficiency along with former Republican presidential primary candidate Vivek Ramaswamy.

In a statement on Wednesday, Trump said the nominees will pave the way for his government to “dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies.”

Trump said the new department will provide advice and guidance from outside the government, working with the White House and the Office of Management and Budget to “drive large-scale structural reform.”

He said the department’s work is set to conclude by July 4, 2026, which marks the 250th anniversary of the signing of the U.S. Declaration of Independence.

Musk, ranked by Forbes as the world’s richest person, declared his support for Trump and gave millions of dollars to his presidential campaign.

Ramaswamy, the founder of a pharmaceutical company, threw his support behind Trump after dropping out of the Republican primaries.