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 world's wealthiest man is the CEO of Tesla and SpaceX, and he has several other roles across his many companies.

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.