On Saturday, Elon Musk, the influential CEO of Tesla (TSLA) and SpaceX, took to his platform X to endorse Howard Lutnick for the position of Treasury Secretary in the incoming Trump administration. This endorsement comes at a time when President-elect Donald Trump has yet to announce his choice for this pivotal economic role.
Musk extolled Lutnick, who serves as the CEO and Chairman of Cantor Fitzgerald, BGC Group, and Newmark Group, as someone who would “actually enact change.” This statement implies a critique of the status quo in economic policy, suggesting a need for innovative approaches over conventional methods. Musk contrasted Lutnick with Scott Bessent, the founder and CEO of Key Square Group, describing Bessent as a “business-as-usual choice,” which he believes could lead America down a path toward bankruptcy.
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
The Tesla CEO also encouraged public discourse on the matter, inviting more feedback for Trump to consider in his decision-making process. This public engagement reflects Musk’s growing influence in political spheres and his interest in steering policy towards what he deems as necessary transformations.
Despite Musk’s vocal endorsement, Trump’s transition team, through spokesperson Karoline Leavitt, stated that no final decision has been made regarding the Treasury Secretary role. “President-elect Trump is making decisions on who will serve in his second administration,” Leavitt clarified, indicating that announcements would follow once decisions are finalized.
Both candidates for the Treasury position have significant connections to Trump. Howard Lutnick’s relationship with Trump spans decades, and he has actively supported Trump through fundraisers. His involvement in the transition process has been noted by The Wall Street Journal, highlighting his role in helping Trump review candidates for various cabinet positions.
On the other hand, Scott Bessent has been a close economic advisor during Trump’s 2024 campaign, bringing his expertise to the forefront. Bessent’s qualifications and regional ties were praised by Senator Lindsey Graham, who noted his high level of competency based on their personal acquaintance and Bessent’s background from South Carolina.
The debate over who should be Trump’s Treasury Secretary underscores a broader conversation about economic policy direction in the U.S. Musk’s intervention into this selection process via X not only highlights his interest in economic policy but also leverages his platform to potentially influence a significant political decision. As the nation awaits Trump’s decision, the dialogue Musk has initiated could play a role in shaping not just the immediate choice for Treasury Secretary but also the economic agenda of the next administration.
h/t CNBC
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