Elon Musk is now throwing his weight around with President-elect Donald Trump and allies to get Howard Lutnick, chief executive officer of Cantor Fitzgerald, to be appointed Treasury secretary because he'll shake things up, argued the tech billionaire.
Currently viewed frontrunner for the position is Scott Bessent, the founder of capital management firm Key Square, whom Musk denigrated as a "business as usual" type in a post on X. "Business as usual is driving America bankrupt, so we need change," he added.
Would be interesting to hear more people weigh in on this for @realDonaldTrump to consider feedback.
— Elon Musk (@elonmusk) November 16, 2024
My view fwiw is that Bessent is a business-as-usual choice, whereas @howardlutnick will actually enact change.
Business-as-usual is driving America bankrupt, so we need change... https://t.co/igGLZOJ8wz
Musk's support for Lutnick over Bessent is in sharp contrast to Kyle Bass, a billionaire hedge fund investor at Hayman Capital Management, who believes Bessent is better suited and more qualified for the role.
Scott Bessent is eminently more qualified than Howard Lutnick to run the U.S. Treasury. Scott understands markets, economics, people, and geopolitics better than anyone I’ve ever interacted with. Markets have already anticipated a Bessent choice. Lutnick is not Trump’s answer. pic.twitter.com/qnpfBt6ZPt
— 🇺🇸 Kyle Bass 🇹🇼 (@Jkylebass) November 13, 2024
Both Lutnick and Bessent are "respected" on Wall Street, noted CNN, and both support Trump's economic policies, including tariffs and cryptocurrency. But Lutnick's personality is "more forceful and boasting" as opposed to Bessent, whose "calming" demeanor is more "typical" of a Treasury secretary, added CNN.
Trump had reached a "near-final decision" to appoint Bessent, but Lutnick reportedly turned his head by promoting Trump's tariffs in cable television appearances. Trump then opened the contest to two other contenders in the race: Tennessee Senator Bill Hagerty and Fox Business host Larry Kudlow.
Kudlow, however, has taken himself out of the running, telling the Trump team that he doesn't want to return to government. He served as as the director of the National Economic Council under the president-elect during his first stint in the White House
The Treasury secretary will play a crucial role in managing Trump's unconventional economic agenda, which includes high tariffs and tax cuts, which mainstream economists warn could fuel inflation.
