President-elect Donald Trump announced Tuesday that Elon Musk—the world’s richest man, a megadonor to the Republican’s campaign, and a beneficiary of government contracts—will co-lead a not-yet-created department tasked with gutting federal regulations and slashing spending. Musk, who leads several companies that are under federal scrutiny, will head the so-called Department of Government Efficiency alongside Vivek Ramaswamy, a biotech billionaire. “Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut…