Could Elon Musk's plan to reduce government agencies and regulations positively impact his business?

Elon Musk's business empire encompasses a wide range of companies, including an electric vehicle manufacturer, a social media company, an artificial intelligence startup, a computer interface company, a tunneling venture, and an aerospace firm.

According to FedScout CEO Geoff Orazem, SpaceX is expected to receive billions of dollars annually from prime contracts with the federal government for years to come under a second Trump presidency.

Earlier this month, Musk and Ramaswamy were appointed by Trump to lead a government efficiency group called the Department of Government Efficiency, or DOGE.

In a recent commentary piece in the Wall Street Journal, Musk and Ramaswamy wrote that DOGE will "pursue three major kinds of reform: regulatory rescissions, administrative reductions and cost savings." They went on to say that many existing federal regulations were never passed by Congress and should therefore be nullified, which President-elect Trump could accomplish through executive action. Additionally, Musk and Ramaswamy championed the large-scale auditing of agencies, calling out the Pentagon for failing its seventh consecutive audit.

According to CNBC technology reporter Lora Kolodny, Elon Musk and his companies would benefit greatly from a Trump administration through deregulation and reducing the resources of federal agencies that oversee him and his businesses.

Watch the video to discover how Elon Musk and his companies can benefit from the president-elect's ear.