Billionaire Elon Musk , a confidante of President-elect Donald Trump, has thrown his support behind Howard Lutnick, CEO of Cantor Fitzgerald, for treasury secretary.
What Happened: Musk believes that Lutnick could bring about significant change if chosen for the position. Although Trump has not yet officially named his choice, Lutnick and investor Scott Bessent are said to be the leading candidates.
In a post on X on Saturday, Musk shared his opinion that Bessent would represent a “business-as-usual choice,” whereas Lutnick could instigate the change that conservatives are hoping for in Trump’s second term.
“Business-as-usual is driving America bankrupt, so we need change one way or another,” Musk stated.
The Treasury Secretary will have a pivotal role in the new administration, given the major economic challenges that played a part in Trump’s election win.
Also Read: What A Second Trump Presidency Would Mean For Elon Musk And His Many Ventures
Despite low unemployment rates and economic growth, many Americans are discontented with high costs and perceived widespread inflation.
Lutnick, who has known Trump for many years, has organized fundraisers for the President-elect and served as a TV surrogate. Conversely, Bessent, the founder of macro hedge fund Key Square Group, was a principal economic advisor to Trump during his campaign.
Why It Matters: The selection of the Treasury Secretary is a critical decision for the incoming administration. The chosen candidate will be tasked with addressing the economic issues that have been a significant factor in Trump’s election.
The endorsement from Musk, a prominent figure in the business world, could potentially influence the final decision.
The contrasting backgrounds of Lutnick and Bessent highlight the different approaches that could be taken to address the economic challenges facing the country.
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This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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