Donald Trump is tapping the shoulder of billionaire Elon Musk for a new role.

The incoming US president has handed the Tesla boss leadership of the new Department of Government Efficiency, alongside Republican Vivek Ramaswamy.

Its goal will be cutting regulations and bureaucracy.

But US correspondent Dan Mitchinson says it's not necessarily a job.

"These guys can keep their real jobs that pay a gazillion dollars - and still have influence over policy."

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