Mr. Musk called the potential effort the “Department of Government Efficiency,” or DOGE, the name of the meme and cryptocurrency he has popularized.
The businessman could also benefit from a Trump presidency through his ownership of SpaceX, which already dominates the business of sending government satellites into space.
With a close ally in the White House, Mr. Musk could try to capitalize even more on those government ties.
Mr. Musk has criticized rivals, including Boeing, for the structure of their government contracts, which he says is not conducive to completing projects on budget and on time.
SpaceX has also started building spy satellites at a time when the Pentagon and US spy agencies appear ready to invest billions of dollars in them.
Tesla, meanwhile, could benefit from an administration that Trump says will be defined by the “least regulatory burden.”
Tesla shares jumped more than 12% on Wednesday after news of Trump’s victory.
Just last month, the US agency responsible for road safety revealed that this is the case sensing Tesla autonomous driving software systems.
Mr. Musk has also come under fire for allegedly seeking to ban Tesla workers from unionizing. The United Auto Workers filed unfair labor practice charges against Trump and Musk after both talked about Musk allegedly firing striking workers during a call on X.
Trump also promised to cut taxes on corporations and the wealthy.
This is another promise that Mr. Musk is likely hoping to keep.
