The landmark climate deal calls for the U.S. to reduce its greenhouse gas emissions by between 26 and 28 percent below 2005 levels by 2025, among other things.
Trump has said the Paris accord was negotiated to have terms that are unrealistic and unfair to the U.S.
The president is looking to withdraw from the accord and immediately restart talks to set targets that would be more fair. However, French, German and Italian officials said they do not believe the agreement can be renegotiated.
The accord was the result of more than 20 years of negotiations, and the only countries in
the United Nations Framework Convention on Climate Change that have not signed on to the deal are Syria and Nicaragua.
Proponents of the deal expect it will help bolster businesses like those that Musk runs. Both electric cars and solar energy can be used to help reach the targets proposed in the deal.
Musk isn't the only CEO who has pushed Trump to uphold the deal. Others include Apple and Microsoft.
Silicon Valley investor Doug Derwin, who had pledged to spend up to $2 million of his own money on a campaign to pressure Musk to quit the councils, welcomed the news.
"Thanks, Elon, for doing the right thing," said Derwin, in a statement sent to CNBC on Thursday. "Welcome to the resistance."
Watch: Macron says Paris climate deal 'irreversible'