Billionaire investor Carl Icahn named as Trumps’ special advisor to roll back regulations

US president-elect Donald Trump has named billionaire investor Carl Icahn as a special advisor to help him overhaul federal regulations in ways the Republican said would promote business growth.

“His help on the strangling regulations that our country is faced with will be invaluable,” Trump said in a statement announcing the appointment.

The two men are mutual admirers. Icahn endorsed Trump in September 2015 and had been mentioned as a possible Treasury secretary, an idea he repeatedly dismissed. Trump often spoke admiringly of Icahn during his presidential campaign and cited him as an example of the kind of business person he would seek advice from if elected.

Icahn, with an estimated net worth of US$20 billion, is the 20th richest man in the US, according to the Bloomberg Billionaires Index. Icahn holdings include biotechnology, energy, metals, auto parts, casinos, telecommunications, real estate and rail cars. He primarily invests his own fortune, rather than relying on money from outsiders.

Democratic National Committee spokesman Eric Walker criticised the conflict of interest of being “in charge of overseeing regulatory overhauls while simultaneously controlling or owning stock in companies that could benefit from the changes he makes.”