Elon Musk has publicly thrown his support behind Howard Lutnick as the next U.S. Treasury Secretary, weighing in on one of the most significant cabinet appointments yet to be made by President-elect Donald Trump. Musk took to the social media platform X (formerly Twitter) to urge his followers to back a candidate who would bring “real change” rather than stick to the status quo.
Lutnick, the former CEO of Cantor Fitzgerald, is seen as a top contender for the position, going up against Scott Bessent, the founder of a capital management firm. Bessent has voiced his support for maintaining the U.S. dollar as the world’s reserve currency and advocates for tariffs as a strategy to address trade imbalances, particularly with China.
Musk explained his preference by saying that Bessent represented the “business-as-usual” approach, while Lutnick would drive real reforms. “Business as usual is bankrupting America, so we need change, one way or another,” Musk posted, asking his followers to share their feedback with Trump.
Lutnick, in a recent interview with the Wall Street Journal, emphasized that whoever Trump selects as Treasury Secretary will remain loyal to the president’s policies. Lutnick, a self-described “fiscal conservative, social liberal,” said he felt the Democratic Party had shifted away from his values over time.
Both Lutnick and Bessent are aligned with Trump’s stance on trade tariffs, which he used during his first term to challenge China. Bessent recently defended the use of tariffs in an op-ed, calling them necessary to stand up for American interests. However, there are concerns among economists that these measures could stifle economic growth, raise inflation, and increase unemployment.
Musk’s intervention in the battle between Lutnick and Bessent comes at a time when the entrepreneur is taking a more prominent role in Trump’s administration. Musk is expected to head a new department called the “Department of Government Efficiency,” which aims to reduce wasteful federal spending and streamline government operations.
Some in Trump’s inner circle have expressed unease over Musk’s growing influence, with reports suggesting that Musk’s involvement in the Treasury Secretary decision could be seen as an attempt to act as a “co-president.” Musk, who spent over $100 million supporting Trump’s campaign, has been a constant presence in Trump’s circle, including sitting in on calls with international leaders, such as Ukrainian President Volodymyr Zelensky.
On Saturday, Musk and Trump attended a UFC fight in New York together, alongside other notable figures such as House Speaker Mike Johnson and Robert F. Kennedy Jr. Musk’s influence in shaping Trump’s future administration continues to raise eyebrows, as his involvement in the decision-making process grows.