President-elect Donald Trump struck back at media reports suggesting adviser Elon Musk is serving as a shadow president.

"No, he's not taking the presidency," Trump told Turning Point Action's America Fest speech in Phoenix, Arizona, on Sunday in a speech that aired on Newsmax and the free Newsmax2 streaming platform. "I like having smart people."

Trump equated the media's suggestion Musk is serving as a de facto president to sharing their latest "hoax."