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.

Elon Musk, the world’s richest person, will be taking on an official role to try to help President-elect Donald Trump make government more efficient. It will add yet another responsibility to an ever-growing to-do list for the increasingly distracted CEO and business leader.

It marks a bet by investors that a Trump White House might ease up on some of the investigations by safety regulators into features such as self-driving. The ties between Trump and Musk could also help Tesla navigate shifts in relationship between the US and China,