Official announcement from the White House or U.S. Treasury Department

Trump Ally Elon Musk Backs Howard Lutnick for Treasury Secretary

Nov 16, 2024, 04:35 PM

Elon Musk, a Trump ally, has endorsed Howard Lutnick, CEO of Cantor Fitzgerald, for the position of U.S. Treasury Secretary, contrasting him with investor Scott Bessent. Musk believes that Lutnick would enact significant changes in the role, while Bessent would represent business-as-usual. Lutnick, a longtime friend of Trump, has emerged as a serious contender for the Treasury job, with Musk's support potentially influencing the decision. Musk and Lutnick have been seen together at transition meetings at Mar-a-Lago, indicating a close relationship. Musk's endorsement comes as the race for the high-profile Treasury role heats up in the new Trump administration.