President Donald Trump's new administration is likely to do away with the White House's National Space Council, a cabinet policy panel that lobbyists at Elon Musk's SpaceX have been pushing to axe, according to three people familiar with the plans.

The Space Council is seeking to provide oversight of new commercial space activities, a proposal that's not sitting well with companies like SpaceX.

According to a Reuters report, President Donald Trump’s administration is preparing to abolish the National Space Council, a key policy body for coordinating the United States’ space agenda, citing inefficiency and lack of utility.

Elon Musk’s SpaceX could threaten the US Space Council’s longevity under the new Trump administration. Lobbyers and Trump's aids have reportedly been pushing to axe the group as they see it as a waste of time.