Elon Musk has publicly endorsed Howard Lutnick as the next U.S. Treasury Secretary, a pivotal role in Donald Trump’s upcoming administration. On social media platform X (formerly Twitter), Musk urged his followers to support a candidate who would bring meaningful change to Washington, in contrast to the typical “business as usual.”
Lutnick, the former CEO of Cantor Fitzgerald, is vying for the position against Scott Bessent, a capital management expert. Bessent has been vocal about his desire to maintain the U.S. dollar’s status as the global reserve currency and supports the use of tariffs as a trade negotiation tool, particularly with China.
Musk argued that while Bessent represents a continuation of traditional economic policy, Lutnick is a candidate who will implement real change. “Business as usual is bankrupting America, so we need change,” Musk posted, asking his followers to voice their opinions for Trump to consider.
In a recent interview with the Wall Street Journal, Lutnick emphasized that the Treasury Secretary would be aligned with Trump’s policies. Lutnick, a self-identified “fiscal conservative, social liberal,” explained that he felt the Democratic Party had moved away from his values, prompting his support for Trump’s agenda.
Both Lutnick and Bessent are in agreement on trade tariffs, a policy Trump used during his first term to challenge China’s economic practices. Bessent defended tariffs as necessary to protect American workers, but economists have raised concerns that such policies could hurt economic growth and increase inflation.
Musk’s endorsement of Lutnick highlights his increasing influence in Trump’s circle as the entrepreneur prepares to take on a major role in the new administration. Musk is expected to lead the newly created Department of Government Efficiency, tasked with cutting wasteful federal spending and streamlining government functions.
Some members of Trump’s team have expressed concern about Musk’s involvement, with reports suggesting that his input on key decisions like Treasury Secretary may give him undue influence. Musk, who has invested heavily in Trump’s campaign, has been a regular presence in his inner circle, including participating in high-level discussions with world leaders.
Musk and Trump were seen together at a UFC event in New York on Saturday, alongside several prominent figures. As Musk continues to play a significant role in shaping the Trump administration, his influence on key cabinet appointments is drawing attention and raising questions about the direction of the upcoming government.