Elon Musk and Vivek Ramaswamy are teaming up with President-elect Donald Trump to build a project designed to dismantle the U.S. government’s notorious red tape and bloated budget. Trump is calling it the “Department of Government Efficiency”—DOGE for short.

The agency aims to streamline the U.S. government by cutting bureaucracy, reducing costs, and creating a leaner, more accountable structure.

Dogecoin surged to as high as 42 cents after President-elect Donald Trump picked Tesla CEO Elon Musk and biotech company founder Vivek Ramaswamy to lead an effort to cut spending, eliminate regulations and restructure federal agencies.