Musk’s appearance will mark his first time hosting the sketch comedy show. Miley Cyrus will be the featured musical guest for the sixth time.
The Tesla CEO has yet to publicly comment on his upcoming gig.
Musk is the world’s second-richest person, with a personal net worth of more than $177 billion, according to Forbes. Aside from Tesla, Musk is the founder of private aerospace firm SpaceX, tunnel construction firm The Boring Company and other initiatives.
He is one of the first business leaders to host an episode of "Saturday Night Live." Earlier this week, SpaceX collaborated with NASA to launch a crew of four astronauts for a mission to the International Space Station.