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

President Ronald Reagan created the efficiency-minded Grace Commission in 1982, promising that it would “drain the swamp.” President Bill Clinton established the National Partnership for Reinventing Government in 1993 with the goal of making the government “work better, cost less, and get results Americans care about,” keeping it active until 1998.

Elon Musk's ties to the Trump administration pose potential conflicts of interest for his various businesses that have extensive contracts with the federal government.

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.

President-elect Donald Trump and Elon Musk have big ambitions for making the federal government leaner and more efficient by reviewing its budget and operations from top to bottom.

The tech billionaire joins the incoming administration to "dismantle government bureaucracy" - but what's in it for both of them?