Elon Musk has publicly endorsed Howard Lutnick, CEO of Cantor Fitzgerald, as a preferred candidate for the position of Treasury Secretary in Donald Trump’s upcoming administration. Musk emphasized that Lutnick would bring about “actual change” to the role, contrasting him with Scott Bessent, founder of Key Square Group, who is also a leading contender for the position. While Trump has not officially announced his choice, both Lutnick and Bessent are considered top options.
The Treasury Secretary is expected to play a significant role in addressing economic challenges, as issues like inflation and high prices remain pressing concerns for American citizens, despite low unemployment and economic growth. Lutnick, who has had a long-standing relationship with Trump, has previously hosted fundraisers for him and appeared as a surrogate on TV. Bessent, a key economic advisor to Trump during the campaign, is known for his work in the macro hedge fund industry.
Senator Lindsey Graham of South Carolina, a Trump ally, recently praised Bessent, calling him an “outstanding” candidate. However, Musk expressed a preference for Lutnick, arguing that Bessent represents a “business-as-usual” choice, while Lutnick is more likely to drive the significant change many conservatives seek in the next administration. Musk added that the status quo is contributing to America’s financial decline, and emphasized the need for change.
Lutnick, who also co-chairs Trump’s transition team, is already playing an influential role in helping Trump review potential cabinet candidates.