Billionaire Elon Musk and Robert F. Kennedy Jr. sided with investor Howard Lutnick on Saturday in the debate over who President-elect Donald Trump should pick as his treasury secretary, as per a Reuters report.
Musk’s endorsement has further amplified the debate over the Treasury Secretary pick. While Trump has not announced his nominee for the role, Lutnick, the CEO of Cantor Fitzgerald, and investor Scott Bessent are serious contenders for the job. Kyle Bass in a recent X post noted that 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,” he stated.
‘We Need Change’, Says Musk
However, Musk had differing opinions. He believes that Bessent is a business-as-usual choice, whereas Howard Lutnick will actually enact change to address the country’s financial challenges. He also voiced that “Business-as-usual is driving America bankrupt, so we need change one way or another.”
The Tesla CEO has also urged the public and policymakers to weigh in on the Treasury Secretary decision so that the feedback would help Trump make an informed choice.
RFK Jr, Chris Pavlovski Back Lutnick
Notably, Trump’s pick to lead his Health and Human Services Department, Robert F. Kennedy Jr., also endorsed Lutnick, posting on his own X account,
“Bitcoin is the currency of freedom, a hedge against inflation for middle-class Americans. Bitcoin will have no stronger advocate than Howard Lutnik,” he wrote.
While Lutnick’s approach is seen as disruptive, Bessent seems to have a steady, market-friendly stance. His support for tariffs and domestic economic strengthening has drawn both acclaim and criticism. On the other hand, Scott Bessent has been shown to have special knowledge of global markets and economics skills.
In reaction to Musk’s endorsement of Lutnick, Chris Pavlovski, CEO of Rumble, also highlighted Lutnick’s instrumental role in taking Rumble public and standing firm for free speech.
Scott Bessent’s Odds Rise to 87%
Despite the Tesla CEO endorsements of Howard, Scott Bessent’s odds of being nominated as Treasury Secretary have risen to 87%. Both Bessent and Lutnick are respected on Wall Street and have publicly supported Trump and his economic policies, including the massive and unprecedented tariffs that remain largely unpopular among mainstream economists.
Allies of both Bessent and Lutnick have been lobbying in calls to Trump, which is creating tension and increasing the chance that another candidate rises up, people familiar with the decision-making said.
The Role Of Treasury Secretaries
Regardless of party affiliation, Treasury secretaries historically have embraced policies that strengthen the US dollar, promote economic growth, signal stability to the stock and bond markets, and seek to maintain the stability of the tax base, revenue from which flows into Treasury’s coffers to fund the operations of the federal government.
The role will be extremely important in the coming Trump administration considering the president-elect’s campaign promises to impose an across-the-board tariff of either 10% or 20% on every import coming into the United States, as well as a tariff upward of 60% on all Chinese imports.
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