Elon Musk will be present at Trump's initial gathering with House Republicans in Washington D.C. after the election.

• Elon Musk will meet with the House Republican conference in Washington, D.C., alongside President-elect Donald Trump.
• In Palm Beach, Florida, where Trump resides at Mar-a-Lago, Musk, the CEO of Tesla and SpaceX, has spent the past week.
• Trump announced that Musk will lead an independent panel known as the "Department of Government Efficiency," with the goal of streamlining government procedures and reducing regulations.

On Wednesday, Elon Musk will meet with the House Republican conference in Washington, D.C., alongside President-elect Donald Trump. The two men flew to the capital together from Florida on Trump's plane.

The latest development demonstrates how Musk, a top Trump campaign backer and the world's wealthiest man, has increased his influence and presence in the president's orbit.

The CEO of Tesla and SpaceX has been present in Palm Beach, Florida, where Trump has been finalizing his second administration. According to The New York Times, Musk has been present in almost every meeting with Trump.

On Tuesday evening, Trump declared that Elon Musk and Vivek Ramaswamy would head an independent panel known as the "Department of Government Efficiency," with the goal of "streamlining Government Bureaucracy" and reducing regulations.

The quote from Musk in the announcement was: "This will create ripples and many individuals in the government will be affected."

The Republican Party will gain control of both the White House and the Senate following the Nov. 5 elections, which saw a shift to the right and the flipping of several Democrat-held seats.

The House majority in the next Congress is more likely to be held by Republicans, according to NBC's analysis.

This is breaking news. Please check back for updates.