Who could make up Trump’s Cabinet? Here are the business leaders that could rise to power in a 2nd term

Former President Donald Trump is reportedly eyeing both former White House advisor Stephen Miller and hedge fund billionaire John Paulson for his potential Cabinet.

Former President Donald Trump has said his next Cabinet would not be like his last.

“I’m not going to bring many of those people back,” Trump told Time Magazine in April. “I had some great people. I had some bad people.”

Trump was responding to a question about why the majority of his former Cabinet has not endorsed him.

The former president entered Washington as an unprecedented neophyte who had never held political office or served in the military. In 2016, Trump assembled a so-called “gold-plated” Cabinet that was the wealthiest in modern history. But the advantage Trump told Time he has in selecting a second Cabinet is that now, he knows everybody.

And what Trump cares most about for his second administration, according to multiple reports, is loyalty above all else.

In a statement shared with B-17 Trump campaign spokesperson Steven Cheung said, “President Trump announced a Trump Vance transition leadership group to initiate the process of preparing for what comes after the election. But formal discussions of who will serve in a second Trump Administration is premature.”

A list of Harris’ possible Cabinet picks is available here.

Here’s a look at the top business names that may end up in Trump’s Cabinet

Elon Musk

Musk, who appeared at a Trump rally in Butler, has spent nearly $10 million boosting the GOP in House races.

Billionaire Tesla and SpaceX CEO Elon Musk has become one of Trump’s most powerful supporters and donors.

The X owner could nab a position in Trump’s Cabinet if the former president is reelected.

Trump has said he’d consider taking Musk up on his offer to form and then lead a Department of Government Efficiency, which would focus on reducing spending and regulations.

At Trump’s New York rally in Madison Square Garden, Musk told the crowd that he’d cut $2 trillion from the Biden-Harris budget, without providing further details on how or what he would cut.

A Trump spokesperson previously told B-17 that “President Trump is committed to having Mr. Musk lead this commission to analyze the functionality of our government.”

Jeff Yass

Jeff Yass, the founder of trading firm Susquehanna International Group, is the richest man in Pennsylvania.

The billionaire’s name has been floated as a potential contender for Treasury Secretary in a second Trump administration, Bloomberg reported in March.

Yass has donated over $46 million to conservative causes and PACs in the 2024 election cycle, Axios reported. But the Republican megadonor’s positions haven’t always aligned with Trump. Yass has privately dismissed Trump’s claims the 2020 election was stolen, according to the Philadelphia Inquirer.

Yass is one of the biggest donors to Club for Growth’s PAC, a conservative anti-tax political organization whose president Trump once feuded but has since reconciled with.

Trump met with Yass, whose company has a 15% stake in TikTok-owner ByteDance, in March this year. While the former president says the pair did not discuss TikTok, Trump abruptly reversed his previous support for banning the social media app after their meeting.

John Paulson

Billionaire John Paulson hosted former President Donald Trump and former first lady Melania Trump for a major fundraiser.

Former hedge fund manager John Paulson was an economic advisor to Trump’s 2016 campaign. While the billionaire has expressed some unease with the former president’s rhetoric, Paulson has remained loyal to him.

Trump has considered Paulson for Treasury Secretary, Bloomberg reported in March.

Paulson, who made billions shorting housing during the 2007 financial crisis, hosted a fundraiser earlier this year at his Palm Beach home that raised over $50 million for Trump and the Republican National Committee. He’s worth an estimated $3.8 billion.

There is potential daylight between Trump and Paulson on China. Like many on Wall Street, Paulson is skeptical of some China hawks in Trump’s orbit pushing for policies that could lead to decoupling the world’s two largest economies.

“China is the second-largest economy in the world,” Paulson told the Financial Times in April. We need to have a good economic and political relationship with them.”

In September, Paulson told Fox Business he’s so concerned about economic uncertainty if Kamala Harris wins the election that he would pull his money out of stocks and invest in gold instead.

Howard Lutnick

Howard Lutnick at a Trump’s Madison Square Garden rally in New York in October.

Howard Lutnick, the CEO of financial-services company Cantor Fitzgerald and co-chair of Trump’s transition team, has been a close ally of the former president for years. He appeared on “The Apprentice,” and has helped raise over $75 million for the former president’s campaign, including $10 million he donated himself, Politico reported.

In his role on Trump’s transition team, Lutnick has been vetting possible appointees for a second Trump administration and, though he did not mention specific names, he has suggested to The Philadelphia Inquirer and to The Financial Times that loyalty to Trump will be one of the most important factors in a candidate.

People close to Lutnick have speculated that the Wall Street financier himself could be tagged for a role in Trump’s Cabinet, like US ambassador in Jerusalem or even Treasury Secretary, according to Bloomberg.

Scott Bessent

Billionaire Scott Bessent has said that he’s betting that the stock market will shoot even higher if Trump wins in November.

Key Square Group founder Scott Bessent has also been considered as a potential pick to serve as Trump’s Treasury Secretary, The Wall Street Journal reported.

Of all of Trump’s potential Cabinet picks, Bessent might boast the most unusual resume as a former top official at Soros Fund Management, a massive $30 billion firm founded by George Soros, who Trump has frequently criticized.

Bessent funded a conservative publishing firm, All Seasons Press, which he sold in 2024. A month later, Bessent wrote in a Key Square note that he was betting on a “Trump rally” based on the belief that stocks would soar higher if the former president won.

Trump has praised Bessent, recently calling him “one of the most brilliant men on Wall Street” and “respected by everybody,” according to the Wall Street Journal.

Doug Burgum

Former President Donald Trump has hinted that North Dakota Gov. Doug Burgum would be in his next administration.

North Dakota Governor and businessman-turned-politician Doug Burgum was considered a top contender for Trump’s running mate before the former president selected JD Vance.

But Burgum could still score a position in Trump’s Cabinet if he wins in November.

Burgum told CNN’s Kaitlan Collins in July about when Trump called to tell him he wasn’t selected as the Republican vice presidential candidate. During that call, Burgum told Collins that Trump had referred to him as “Mr. Secretary,” apparently suggesting that Burgum may be in the running for a position as secretary of state.

The former software company CEO has not confirmed whether he would accept a role in a second Trump administration, instead reiterating that he is focused on serving out his final days as North Dakota’s governor and making sure Trump wins in November.

Burgum has remained in Trump’s good graces since endorsing him ahead of the Iowa caucuses. He has frequently been a top Trump surrogate on cable TV.