It’s not the first time a president has empowered a business tycoon to look for ways to dramatically cut federal regulations.

Musk has emerged as a prominent member of Trump's inner circle. Tesla has lobbied for electric vehicle subsidies and other benefits over the years.

Choosing billionaire Elon Musk to be what President-elect Donald Trump calls “our cost cutter” for the U.S. government, is not the first time an American president has empowered a business tycoon to look for ways to dramatically cut federal regulations.