Elon Musk throws his weight behind Howard Lutnick over Scott Bessent for Treasury secretary

Howard Lutnick, Elon Musk’s choice for Treasury secretary.

Elon Musk on Saturday said that Cantor Fitzgerald CEO Howard Lutnick would “actually enact change” should he be tapped as President-elect Donald Trump’s Treasury secretary.

The president-elect has not yet made a formal announcement on the role, but Lutnick and investor Scott Bessent are considered to be top contenders.

The Treasury secretary will be pivotal in the Trump administration, given that economic concerns played a key role in fueling Trump’s victory. While unemployment is low and the economy is growing, Americans remain frustrated by high prices and what they see as runaway inflation.

Lutnick has known Trump for decades and has hosted fundraisers for the president-elect and appeared on TV as a surrogate.

Bessent founded and runs the macro hedge fund Key Square Group and emerged as a key economic advisor to Trump on the campaign trail.

Republican Sen. Lindsey Graham of South Carolina, a Trump ally, told Semafor earlier this week that Bessent would be an “outstanding” selection for Treasury secretary.

“He’s from South Carolina, I know him well, he’s highly qualified,” Graham said.

Musk said on X, however, that Bessent wouldn’t be the sort of change agent that many conservatives want to see in Trump’s second administration.

“My view fwiw is that Bessent is a business-as-usual choice, whereas @howardlutnick will actually enact change,” Musk wrote.

Would be interesting to hear more people weigh in on this for @realDonaldTrump to consider feedback.

My view fwiw is that Bessent is a business-as-usual choice, whereas @howardlutnick will actually enact change.

Business-as-usual is driving America bankrupt, so we need change… https://t.co/igGLZOJ8wz

— Elon Musk (@elonmusk) November 16, 2024

“Business-as-usual is driving America bankrupt, so we need change one way or another,” he continued. “Would be interesting to hear more people weigh in on this for Trump to consider feedback.”

Lutnick, the co-chair of Trump’s transition team, is already playing an influential role in the president-elect’s orbit, helping him review candidates for cabinet posts in the administration, The Wall Street Journal reported.