Elon Musk has been appointed by Donald Trump to lead an initiative aimed at streamlining the U.S. government.

Musk has previously stated his goal of reducing government spending by $2 trillion. This move represents a significant change in government efficiency efforts, and Musk's involvement is likely to attract attention due to his high-profile status in the business world.

The potential implications of such a spending cut could have wide-ranging effects on sectors that rely on government funding. As the panel takes shape, stakeholders in the financial industry will closely monitor developments, particularly in how proposed changes may impact fiscal policy and government operations going forward.