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US President-elect Donald Trump has picked Elon Musk to lead a newly created Department of Government Efficiency (DOGE) for his incoming administration.

He announced that Vivek Ramaswamy, a biotech investor, will work with the SpaceX and Tesla founder on the project - whose acronym refers to Musk's favourite cryptocurrency Dogecoin - to “dismantle” bureaucracy.

The pair will provide external advice to the White House on how to “drive large scale structural reform”, said Trump.

Earlier, Trump announced the nomination of the Fox News host and combat veteran Pete Hegseth to be his defence secretary and named John Ratcliffe – a former Texas congressman and federal prosecutor – to lead the CIA.

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