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.

The head of Tesla, SpaceX and the X social media site once known as Twitter has strengthened his ties to the Silver State over the years.

"Elon won't go home. I can't get rid of him—at least until I don't like him," Trump joked, acknowledging Musk's growing presence.