Elon Musk Advocates for Lutnick as Treasury Secretary
On Saturday, a billionaire confidant of Trump shared an endorsement on his social media platform.
TroibNews 
Elon Musk is endorsing Howard Lutnick, Donald Trump’s transition co-chair and the billionaire CEO of Cantor Fitzgerald, for the role of Treasury Secretary, emphasizing that Lutnick “will actually enact change” in this pivotal economic position within Trump's Cabinet.
In contrast, Musk referred to another leading candidate for the position, hedge fund CEO Scott Bessent, as a "business-as-usual choice." He expressed this view on X, the social media platform he acquired two years ago, stating, “Business-as-usual is driving America bankrupt, so we need change one way or another.”
Musk further commented that it would be “interesting to hear more people weigh on this for @realdonaldtrump to consider feedback” and expressed his willingness to interview both Bessent and Lutnick on the X spaces platform.
“President-elect Trump is making decisions on who will serve in his second administration," Trump transition spokesperson Karoline Leavitt stated. "Those decisions will be announced when they are made."
Bessent was not available for comment.
The position of Treasury Secretary remains a significant uncertainty in Trump’s new Cabinet, and Musk’s public support for Lutnick signifies an intensifying contest among different factions within the president’s circle.
Lutnick, who is a notable figure on Wall Street, has been actively pursuing the position and has leveraged his role in the transition to influence the flow of information to the president-elect regarding personnel choices, as reported by PMG on Friday.
On the other hand, while Bessent has kept a lower public profile during his role as one of Trump’s key advisors throughout the campaign, he has recently become a leading candidate for the Treasury position, engaging in numerous media appearances and writing op-eds to advocate how Trump’s policies could positively impact markets and the economy. Several prominent Trump supporters and Wall Street figures have also publicly endorsed Bessent for the job, including former National Economic Council Director Larry Kudlow and Steve Bannon.
The Treasury Secretary position is highly influential, overseeing financial markets, U.S. debt issuance, economic national security, tax policy, and the stability of the dollar. Perceptions of the economy played a crucial role in Trump’s re-election, with 68 percent of voters describing the economy as "not so good" or "poor" in exit polls, and 70 percent of those voters supporting Trump. The incoming president is particularly attuned to market reactions to policy decisions and the political landscape.
Hedge fund manager Kyle Bass remarked on X, “U.S. markets initially rallied on Trump’s win. Markets began discounting Scott Bessent as U.S. Treasury Secretary. The moment Howard Lutnick decided he wanted the job, the markets sold off. The markets are telling Trump that Bessent is certainly the best choice for the position."
Musk, currently the richest person in the world, has been a frequent visitor at Mar-a-Lago, Trump’s Florida residence, throughout the transition period.
Lutnick has indicated that he has had extensive consultations with Musk regarding strategies to reduce government spending. The two appeared together at a rally hosted by Trump at Madison Square Garden the week before the election.
“Me, Elon Musk and Trump are going to figure it out,” Lutnick said in a podcast interview last month, outlining plans to trim spending.
He added that he had conveyed to a pleased Musk in a pre-election meeting that Trump would proceed with establishing the Department of Government Efficiency if he won.
“That’s what you’re supposed to do,” Lutnick remarked to investor and podcaster Anthony Pompliano, emphasizing the importance of aligning with influential figures like Musk. “If you have the greatest capitalist in America, and you can make him happy, that’s pretty good.”
Lucas Dupont contributed to this report for TROIB News
In contrast, Musk referred to another leading candidate for the position, hedge fund CEO Scott Bessent, as a "business-as-usual choice." He expressed this view on X, the social media platform he acquired two years ago, stating, “Business-as-usual is driving America bankrupt, so we need change one way or another.”
Musk further commented that it would be “interesting to hear more people weigh on this for @realdonaldtrump to consider feedback” and expressed his willingness to interview both Bessent and Lutnick on the X spaces platform.
“President-elect Trump is making decisions on who will serve in his second administration," Trump transition spokesperson Karoline Leavitt stated. "Those decisions will be announced when they are made."
Bessent was not available for comment.
The position of Treasury Secretary remains a significant uncertainty in Trump’s new Cabinet, and Musk’s public support for Lutnick signifies an intensifying contest among different factions within the president’s circle.
Lutnick, who is a notable figure on Wall Street, has been actively pursuing the position and has leveraged his role in the transition to influence the flow of information to the president-elect regarding personnel choices, as reported by PMG on Friday.
On the other hand, while Bessent has kept a lower public profile during his role as one of Trump’s key advisors throughout the campaign, he has recently become a leading candidate for the Treasury position, engaging in numerous media appearances and writing op-eds to advocate how Trump’s policies could positively impact markets and the economy. Several prominent Trump supporters and Wall Street figures have also publicly endorsed Bessent for the job, including former National Economic Council Director Larry Kudlow and Steve Bannon.
The Treasury Secretary position is highly influential, overseeing financial markets, U.S. debt issuance, economic national security, tax policy, and the stability of the dollar. Perceptions of the economy played a crucial role in Trump’s re-election, with 68 percent of voters describing the economy as "not so good" or "poor" in exit polls, and 70 percent of those voters supporting Trump. The incoming president is particularly attuned to market reactions to policy decisions and the political landscape.
Hedge fund manager Kyle Bass remarked on X, “U.S. markets initially rallied on Trump’s win. Markets began discounting Scott Bessent as U.S. Treasury Secretary. The moment Howard Lutnick decided he wanted the job, the markets sold off. The markets are telling Trump that Bessent is certainly the best choice for the position."
Musk, currently the richest person in the world, has been a frequent visitor at Mar-a-Lago, Trump’s Florida residence, throughout the transition period.
Lutnick has indicated that he has had extensive consultations with Musk regarding strategies to reduce government spending. The two appeared together at a rally hosted by Trump at Madison Square Garden the week before the election.
“Me, Elon Musk and Trump are going to figure it out,” Lutnick said in a podcast interview last month, outlining plans to trim spending.
He added that he had conveyed to a pleased Musk in a pre-election meeting that Trump would proceed with establishing the Department of Government Efficiency if he won.
“That’s what you’re supposed to do,” Lutnick remarked to investor and podcaster Anthony Pompliano, emphasizing the importance of aligning with influential figures like Musk. “If you have the greatest capitalist in America, and you can make him happy, that’s pretty good.”
Lucas Dupont contributed to this report for TROIB News
