• Donald Trump said Elon Musk won't try to use his new power to benefit his companies.
• He said Musk is one of "very few people" who would have the credibility to do such work.
• Musk's work with DOGE will likely give him some power over agencies that regulate his companies.

In a new interview with Time Magazine, President-elect Donald Trump brushed back concerns that Elon Musk's companies could create a conflict of interest for his work on DOGE.

"I think that Elon puts the country long before his company," Trump said in the interview.

Trump, who Time named its 2024 Person of the Year, said that he trusts Musk, whose companies hold billions in federal contracts.

"He considers this to be his most important project, and he wanted to do it," Trump told Time. "And, you know, I think, I think he's one of the very few people that would have the credibility to do it, but he puts the country before, and I've seen it, before he puts his company."

Musk and conservative entrepreneur Vivek Ramaswamy have said they will remain outside the government as they oversee "The Department of Government Efficiency" or DOGE.

By staying outside of the government, Musk will avoid some ethical requirements that could have required him to divest some of his fortune. He also won't have to file a financial disclosure, which would have given a snapshot of his considerable holdings.

DOGE could have some influence over government agencies that have investigated Musk's businesses. Musk has repeatedly fought with the FAA, which has jurisdiction over his company SpaceX. The billionaire tussled with the Securities Exchange Commission, which led to Musk being forced to step down as chairman of Tesla Inc. The SEC is looking into Musk's takeover of Twitter. The Department of Justice has also investigated Musk's companies, including whether Telsa misled investors about self-driving capabilities.

Some details about DOGE are still up in the air, including whether the panel will comply with the legal requirements of the Federal Advisory Committee Act. Legal experts and those familiar with the law have said Musk's "department" clearly falls under the 1972 law's parameters. The law would require DOGE to conduct some of its work publicly and to balance its membership.

Musk has embraced his aura of being Trump's "first buddy" and has been virtually inseparable from the president-elect since Election Day.

In the wide-ranging Time interview, Trump said it will be "hard" to bring down grocery prices. A number of economists have warned that Trump's protectionist trade policies could exacerbate inflation. A spokesperson for Trump's transition did not immediately respond to. Business Insider's request for comment.

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