As President-elect Donald Trump deliberates over key cabinet positions, one of the most consequential picks—treasury secretary—has taken a surprising turn. Elon Musk, the billionaire entrepreneur and Tesla CEO, has publicly thrown his support behind Howard Lutnick, the former CEO of financial services firm Cantor Fitzgerald, for the coveted role.
In a series of posts on X (formerly Twitter), Musk urged his millions of followers to back Lutnick, arguing that the veteran Wall Street executive would “actually enact change” rather than maintain the status quo. “Business-as-usual is driving America bankrupt, so we need change one way or another,” Musk wrote, encouraging his audience to “weigh in on this for Donald Trump to consider feedback.”
A Controversial Endorsement
Musk’s very public endorsement of Lutnick has raised eyebrows in Washington, with some expressing discomfort over the tech mogul’s growing influence within the incoming Trump administration. Sources close to the transition team told The Washington Post that “people are not happy” about Musk acting as a “co-president” by weighing in on such a critical appointment.
The controversy is further fueled by Musk’s own deep ties to Trump. The Tesla and SpaceX founder spent over $100 million supporting Trump’s successful presidential campaign and has been a near-constant presence in the president-elect’s orbit. Musk even sat in on a call between Trump and Ukrainian President Volodymyr Zelenskyy, later seeming to mock Zelenskyy’s assertion of Ukraine’s independence on X.
Lutnick vs. Bessent: A Battle Over Economic Vision
Lutnick, who tragically lost 658 Cantor Fitzgerald employees in the 9/11 attacks, is believed to be vying against Scott Bessent, a hedge fund manager and founder of Key Square Group, for the treasury secretary job. Both candidates have expressed support for Trump’s controversial trade tariffs, viewing them as a tool to protect American interests.
“Tariffs are a means to finally stand up for Americans,” Bessent wrote in a recent Fox News op-ed.
However, many economists caution that tariffs could ultimately weaken economic growth, spur inflation, and cost jobs. The Peterson Institute for International Economics projects that under the tariff-heavy policies favored by Lutnick and Bessent, inflation could soar above 6% by 2026, with consumer prices rising 20% over the next four years.
Musk’s Expanding Role in the Trump White House
Beyond the treasury secretary debate, Musk himself is poised to play a major part in shaping the next administration’s agenda. The world’s richest person is set to co-chair the newly formed Department of Government Efficiency (DOGE) which aims to cut wasteful federal spending by $2 trillion.
On Saturday, Musk was spotted sitting next to Trump himself at a UFC match in Madison Square Garden, alongside other conservative luminaries like House Speaker Mike Johnson, Robert F. Kennedy Jr., and podcaster Joe Rogan. The appearance served as a stark visual representation of Musk’s ever-growing clout in Trumpworld.
The Road Ahead
As Trump gets closer to announcing his choice for treasury secretary, all eyes will be on whether Musk’s very public lobbying campaign pays off. Regardless of who ultimately gets the nod, one thing is crystal clear: Elon Musk’s influence over the levers of American political and economic power has never been greater. For a polarizing figure who has vowed to act as a change agent in Washington, the treasury pick may be just the beginning.
