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Elon Musk threw his weight behind Trump transition co-chair Howard Lutnick for Treasury secretary on Saturday, signaling a late move to influence a looming – and key – choice.
Why it matters: Musk has grown increasingly important in President-elect Trump’s orbit, and Treasury secretary is one of the last major posts not yet filled.
- While Musk is actively involved in Trump’s Cabinet-making process, he has said relatively little publicly about individual candidates or positions, making his comments on Lutnick and Bessesnt stand out.
Zoom out: Investor Kyle Bass said on X that markets wanted fund manager Scott Bessent for Treasury secretary, and that Bessent was more qualified than Lutnick, the CEO of Wall Street firm Cantor Fitzgerald.
- Musk responded to Bass that “Bessent is a business-as-usual choice, whereas (Lutnick) will actually enact change.”
- “Business-as-usual is driving American bankrupt, so we need change one way or another,” Musk said. He called on others to weigh in as well.
Behind the scenes, Trump has reportedly moved closer to filling top economic roles after first naming major defense and national security positions.
- The Wall Street Journal reported that Trump met with Bessent in Florida on Friday.
The big picture: Bessent is considered more moderate on Trump’s proposed tariffs than Lutnick, who has spoken out strongly in favor of them.
Go deeper: Ready, set, Trump admin