President-elect Donald Trump announced Wednesdsay that Elon Musk will lead the new Department of Government Efficiency (DOGE), a non-governmental commission focused on reducing waste and cutting federal bureaucracy.

The Tesla CEO was named to a position in the second Trump administration on Tuesday evening. Investors don’t seem to be bothered by the idea.

Musk and Vivek Ramaswamy — the pharmaceutical mogul and former Republican presidential hopeful — have been picked to lead a brand new agency tasked with "large scale structural reform" of the federal government.