Richard Parks Elon Musk has publicly thrown his support behind Howard Lutnick as the next U.S. Treasury Secretary, a decision that could significantly shape Donald Trump’s incoming administration. Musk made his endorsement via the social media platform X (formerly Twitter), urging followers to back a candidate who would bring real change to Washington rather than maintaining the status quo.
Lutnick, the former CEO of Cantor Fitzgerald, is considered a leading candidate for the position, facing competition from Scott Bessent, a capital management expert. Bessent has advocated for the U.S. to retain the dollar’s status as the world’s reserve currency and to use tariffs as a tool to negotiate with countries like China.
Musk argued that Lutnick would be the better choice for reform, contrasting him with Bessent, who he described as a “business-as-usual” option. “Business as usual is bankrupting America, so we need change,” Musk posted, calling for his followers to provide feedback for Trump’s consideration.
Lutnick, in a recent interview with The Wall Street Journal, explained that any Treasury Secretary chosen by Trump would adhere to the president’s policies. Lutnick, who identifies as a “fiscal conservative, social liberal,” said he felt the Democratic Party had shifted away from his values, prompting him to support Trump’s economic vision.
While both Lutnick and Bessent share similar views on trade tariffs, which Trump used to challenge China in his first term, they also agree that lowering taxes would help offset the costs of tariffs and stimulate growth. However, some economists have expressed concerns that tariffs could hurt U.S. economic growth and lead to higher inflation.
Musk’s intervention in the race for Treasury Secretary highlights his increasing influence in Trump’s inner circle. The billionaire entrepreneur is expected to play a central role in the new administration, particularly as head of the proposed Department of Government Efficiency, which aims to streamline federal spending and reduce waste.
Reports indicate that some within Trump’s team are uneasy with Musk’s growing role, with one source describing his influence as being akin to a “co-president.” Musk, who contributed heavily to Trump’s campaign, has been a frequent presence around the president-elect, including participating in calls with international leaders.
Musk and Trump were seen together at a UFC event in New York on Saturday, alongside several notable public figures. As Musk continues to exert significant influence over Trump’s cabinet choices, questions remain about how his involvement will shape the direction of the incoming administration.