President-elect Donald Trump made good on one of his campaign promises Tuesday night when he officially appointed billionaire Elon Musk to lead the new “Department of Government Efficiency,” along with entrepreneur Vivek Ramaswamy.

Musk—the CEO of Tesla and SpaceX, and owner of X (formerly Twitter)—was quoted in Trump's announcement as saying that DOGE "will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people!"

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.