Former president Donald Trump is contemplating appointing Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk to a commission aimed at auditing U.S. agencies, ahead of the 2024 presidential election. The plan has been in discussion for months.

What Happened: Trump and his advisers have been considering a commission led by business executives to review federal programs and identify cuts, The Washington Post reported on Monday.

Musk wrote on X on Tuesday, "I can't wait. There is a lot of waste and needless regulation in government that needs to go." Musk's confirmatory response came following a report by Post about his potential role in the Trump administration's audit of federal agencies to identify programs for cuts.

Other potential candidates for the commission include Fred Smith, former CEO of FedEx Corp (NYSE:FDX), and Robert Nardelli, former CEO of Home Depot Inc. (NYSE:HD), according to the report which cited two people familiar with the idea.

Previously, Musk has shown interest in participating in this "government efficiency commission" through multiple statements, including on his social media platform, X.

In August, Musk posted, "I am willing to serve," alongside an AI-generated image of himself at a lectern labeled "Department of Government Efficiency," with the acronym DOGE. This has raised concerns about potential conflicts of interest due to Musk's extensive business dealings with the federal government.

Trump has downplayed the idea of Musk joining his Cabinet but acknowledged that Musk could be a valuable consultant. Ethics experts worry that Musk's involvement could lead to conflicts between his business interests and the commission's goals, according to the report.

Trump's advisers are keen to enlist prominent corporate leaders to pinpoint federal excesses, mirroring past initiatives by 40th U.S. President Ronald Reagan and former Republican Senator Tom Coburn, who passed away in March 2020.

Why It Matters: The potential appointment of Musk to a government efficiency commission comes amid increasing political engagement from the Tesla CEO. Last week, Musk reportedly hired a Republican strategist to steer his political activities, signaling a deeper dive into Republican politics and voter mobilization initiatives.

Earlier in August, Musk conducted a "super unscientific" poll on X, asking voters if they preferred Trump or Vice President Kamala Harris as the next president of the United States. This poll further highlighted Musk's growing involvement in political discourse.

Speculations about the reasons behind the collaboration between Musk and Trump have been rife. According to CNBC, their partnership could significantly impact the future of the electric vehicle industry and beyond.

Trump has publicly praised Musk, calling him a "fantastic guy" and a "brilliant person," further cementing their growing alliance.

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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote