Dogecoin briefly shot up in price after the body's creation.
Musk was a major backer of Trump during the Republican's election run, pouring in $277 million primarily into his campaign effort, according to Federal Election Commission filings. Musk is the world's richest person, with a net worth of $439.4 billion, according to Forbes data.
Last month, Bloomberg News reported Trump's transition team was planning to pursue a federal framework for regulating self-driving vehicles.
Tesla and Trump's transition team did not immediately respond to a CNBC request for comment on the report.