Elon Musk Endorses Howard Lutnick For US Treasury Role; Says ‘We Need Change’
Billionaires Elon Musk and Robert F. Kennedy Jr. reportedly sided with investor Howard Lutnick on Saturday in a debate over who President-elect Donald Trump should pick as Treasury secretary. . Reuters Report.
Musk’s support further intensified the debate over the choice of Treasury Secretary. While Trump has yet to announce a nominee for the position, Cantor Fitzgerald CEO Lutnick and investor Scott Bessant are strong contenders for the job. Kyle Bass in the latest X postal Pointing out that Scott Bessant is more qualified to run the U.S. Treasury than Howard Lutnick.
“Scott understands markets, economics, people and geopolitics better than anyone I’ve ever interacted with. The market has anticipated Bessant’s choice. Lutnick is not Trump’s answer,” he said.
Musk says: ‘We need change’
However, Musk has different opinions. he believe Bessant is a business-as-usual choice, while Howard Lutnick will actually implement changes to address the nation’s financial challenges. He also said, “Business as usual is bankrupting America, so we need to change in some way.”
The Tesla CEO also urged the public and policymakers to weigh in on the Treasury Secretary’s decision so that feedback can help Trump make informed choices.
RFK Jr, Chris Pavlovski return to Lutnick
Notably, Robert F. Kennedy Jr., Trump’s choice to lead his Department of Health and Human Services, also endorsed Lutnick, posting on his own X account,
“Bitcoin is the currency of freedom and a hedge against inflation for middle-class Americans. There is no stronger advocate for Bitcoin than Howard Lutnick,” he wrote.
While Lutnick’s approach was seen as disruptive, Bessant appeared to be taking a stable, market-friendly stance. His support for tariffs and domestic economic strengthening has been both praised and criticized. Scott Bessent, on the other hand, has proven expertise in global markets and economic skills.
In response to Musk’s endorsement of Lutnick, Rumble CEO Chris Pavlovski also said: Highlight Lutnick was instrumental in bringing Rumble to the public and asserting free speech.
Scott Bessent’s odds rise to 87%
Despite Tesla CEO backing Howard, odds of Scott Bessant being nominated as Treasury Secretary have risen to 87%. Both Bessant and Lutnick are respected on Wall Street and have publicly supported Trump and his economic policies, including unprecedented and massive tariffs, but they remain unpopular among mainstream economists.
Allies of Bessant and Lutnick have been calling Trump to lobby, people familiar with the matter said, which is creating tension and increasing the chances of another candidate emerging.
The role of the finance minister
Regardless of party affiliation, Treasury secretaries have historically supported a stronger dollar, promoted economic growth, sent a signal of stability to stock and bond markets, and sought policies that maintain a stable tax base, the revenue that flows into state coffers to fund the operations of the federal government.
Consider the president-elect’s campaign promise to impose blanket tariffs of 10% or 20% on all imports into the United States, and up to 60% on all Chinese imports.
