Washington, Feb. 9 -- Elon Musk, the CEO of Tesla and SpaceX, on Sunday voiced strong concerns about the US government's payment systems, revealing troubling 'inefficiencies' and potential 'fraud' worth over USD 100 billion every year.

In a post on X, Musk said that the Treasury Department and his Department of Government Efficiency have reached an agreement changing reporting requirements for all outgoing government payments.

The government payments will now have a 'payment categorization code' for auditing purposes, he wrote in a post on X.

Highlighting key reforms that need to be implemented, he stated, "Require that all outgoing government payments have a payment categorization code, which is necessary in order to pass financial au...