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Elon Musk backs Howard Lutnick as Treasury secretary

by Index Investing News
November 16, 2024
in Financial
Reading Time: 3 mins read
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As President-elect Donald Trump makes a flurry of decisions to fill out his incoming administration’s Cupboard, the lobbying for key positions has been fierce behind closed doorways — and generally publicly.

Now billionaire and key Trump ally Elon Musk is asking for extra direct public enter into the decision-making course of for at the least one prime submit: the top of the Treasury Division.

“Can be attention-grabbing to listen to extra individuals weigh in on this for @realDonaldTrump to contemplate suggestions,” Musk, who Trump has already tapped to co-lead a fee tasked with growing authorities spending effectivity, posted Saturday on the X social media platform he owns.

Musk then used the remainder of his submit to turn out to be the primary participant within the public ballot he was proposing. He endorsed Howard Lutnick, the CEO of economic providers agency Cantor Fitzgerald and co-chair of Trump’s transition crew forward of Inauguration Day on Jan. 20, 2025, over hedge fund supervisor Scott Bessent.

Musk stated in his submit that “Bessent is a business-as-usual alternative, whereas @howardlutnick will truly enact change.”

“Enterprise-as-usual is driving America bankrupt, so we’d like change,” he stated.

Each Lutnick and Bessent have been talked about as doable picks to steer the Treasury Division. Bessent is taken into account the extra standard, business-friendly alternative. He’s skeptical about cryptocurrency, whereas Lutnick has steered it may very well be used for individuals to pay their taxes.

A short while later, Trump’s choose to steer his Well being and Human Companies Division, Robert F. Kennedy Jr., additionally endorsed Lutnick, posting on his personal X account, “Bitcoin is the foreign money of freedom, a hedge in opposition to inflation for center class Individuals.”

“Bitcoin may have no stronger advocate than Howard Lutnik,” he wrote, misspelling Lutnick’s final identify.

Trump has already introduced many picks in latest days, together with his alternative for Secretary of State, Florida Sen. Marco Rubio, and lawyer basic, former Florida Rep. Matt Gaetz.

Treasury is a very powerful slot he has left to fill, however the president-elect additionally has but to announce decisions for different roles, together with the heads of the Training and Labor Departments — and plenty of main prospects have been jockeying to enhance their standing with Trump.

Individually, Trump stated he’d picked a member of his authorized crew and former federal prosecutor, Will Scharf, as assistant to the president and White Home workers secretary.

That announcement got here as Republican Home Speaker Mike Johnson was at Trump’s Mar-a-Lago membership in Palm Seaside, Florida, this weekend, and assembly with the president-elect. Trump was additionally set to move to Saturday night time’s UFC heavyweight championship struggle between Stipe Miocic and Jon Jones at New York’s Madison Sq. Backyard.

Aside from a day journey to Washington this week to fulfill for almost two hours with President Joe Biden, and individually deal with Home Republicans, Trump has been spending his time since his Election Day victory at Mar-a-Lago, which has hosted galas and conservative occasions all through the week,

A return to Madison Sq. Backyard means revisiting the place the place a comic precipitated an uproar at a Trump rally final month by likening Puerto Rico to a “floating island of rubbish.” But Trump continues to relish visits to New York, the place he lived for many years.

Trump additionally has been near Final Combating Championship President Dana White for greater than 20 years.

White hosted a 2001 UFC battle at Trump Taj Mahal, a former casino-hotel in Atlantic Metropolis, New Jersey, and Trump has ceaselessly attended UFC matches since – together with throughout his 2024 marketing campaign. Trump has turned up at fights lately with well-known entourages, together with White, musician Child Rock and former Fox Information Channel host Tucker Carlson.

In 2018, throughout Trump’s first time period, he and White starred in a UFC video the place the then-president was referred to as the “Combatant In Chief.”

As Trump has strengthened his grip on the nationwide Republican Social gathering during the last near-decade, White’s private political profile has grown exponentially. White spoke on the 2016 and 2020 Republican conventions, and when the get together gathered in Milwaukee this previous July. He additionally addressed the gang at Trump’s Florida victory get together within the wee hours of the morning after Election Day.

“That is what occurs when the machine comes after you,” White stated then. “What you’ve seen during the last a number of years, that is what it seems to be like: couldn’t cease him. He retains going ahead. He doesn’t give up.”

What number of levels of separation are you from the globe’s strongest enterprise leaders? Discover who made our brand-new checklist of the 100 Most Highly effective Individuals in Enterprise. Plus, be taught concerning the metrics we used to make it.



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