Today, Trump announced that Elon Musk, founder of SpaceX and Tesla, and former Republican presidential candidate Vivek Ramaswamy will co-lead the newly created Department of Government Efficiency (DOGE) in his incoming administration.

Musk-a major donor to Trump's campaign-was widely speculated to take on a role in the administration.

Since Trump's election victory, Musk has reportedly been a regular presence at Mar-a-Lago.

Currently ranked by Forbes as the world's wealthiest person, Musk is expected to benefit from Trump's win, with the entrepreneur likely wielding significant influence to aid his companies and secure favourable government treatment.