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.

Donald Trump is planning to scrap the White House’s National Space Council following pressure from an Elon Musk lobbyist, according to reports.

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.

Space stocks soared during Tuesday’s trading session, lifted by President Trump’s comments championing American space exploration during his inauguration speech Monday. “We will pursue our manifest destiny into the stars,

President Donald Trump set a bold new goal in his inauguration speech. He wants to go to Mars. Details are thin, but the aspiration should benefit Elon Musk’s SpaceX and a bevy of publicly traded commercial space stocks.