"All actions of the Department of Government Efficiency will be posted online for maximum transparency. Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know," Musk said on X.
A "leaderboard" will be created for "most insanely dumb spending" of tax money, the billionaire added.
Earlier, US President-elect Donald Trump said that Musk and entrepreneur and former Republican presidential candidate Vivek Ramaswamy will lead the Department of Government Efficiency.
The department is set to provide guidance from outside of the US government and will work together with the White House and the US budgetary authorities to "drive large scale structural reform, and create an entrepreneurial approach to Government never seen before," Trump added.
The Electoral College, the group of presidential electors from the states, will vote for the candidate whom each state’s voters have chosen on December 17, and the results will be approved by Congress on January 6. The presidential inauguration will take place on January 20.