It looks like Elon Musk will be part of the new incoming US government in January.

President-elect Donald Trump has named Elon Musk to a role aimed at creating a more efficient government, handing even more influence to the world's richest man who donated millions of dollars to help Trump get elected.

Musk and former Republican presidential candidate Vivek Ramaswamy will co-lead a newly created Department of Government Efficiency, an entity Trump indicated will operate outside the confines of government.

What exactly is the Department of Government Efficiency? Will this department bring any benefits to the government and the people of America? And what does this new role mean for Elon Musk?

On The Big Story, Hongbin Jeong speaks with Pushan Dutt, Professor of Economics, INSEAD to find out more.

See omnystudio.com/listener for privacy information.

The Big Story: Will Elon Musk working with Donald Trump give him more power? 18:22 Share

Money Matters with Hongbin Jeong and Chua Tian Tian

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The Big Story: Will Elon Musk working with Donald Trump give him more power?