Elon Musk has expressed his support for Howard Lutnick, the CEO of Cantor Fitzgerald, to be appointed as Treasury Secretary in President-elect Donald Trump’s administration. Musk shared his thoughts on X (formerly Twitter), stating that Lutnick would “actually enact change” in the role. Lutnick and investor Scott Bessent, founder of Key Square Group, are both considered top contenders for the position, although Trump has not yet made a formal announcement.
The Treasury Secretary role will be crucial in addressing the economic concerns that played a significant part in Trump’s election victory. Despite low unemployment and economic growth, many Americans are dissatisfied with high prices and inflation. Lutnick, who has known Trump for decades and supported him through fundraisers, is seen as someone capable of making meaningful change. Bessent, on the other hand, has been a key economic advisor to Trump and runs a macro hedge fund. Republican Senator Lindsey Graham, a Trump ally, has praised Bessent as an “outstanding” choice for the role.
However, Musk disagrees with Graham’s view, arguing that Bessent represents a “business-as-usual” choice, which Musk believes is insufficient to address America’s financial challenges. He emphasized that “business-as-usual is driving America bankrupt,” and called for a change in direction, suggesting that Lutnick would be the better candidate to bring about that change. Lutnick, who also serves as co-chair of Trump’s transition team, is already playing a significant role in selecting candidates for other key positions within the administration.