Musk Nudges Trump to Select Lutnick for Treasury, Putting Cabinet Selection Into Spotlight

Howard Lutnick, CEO of Cantor Fitzgerald and co-chair of the Trump 2024 Transition Team, speaks at a rally at Madison Square Garden in New York City on Oct. 27, 2024. Angela Weiss/AFP/Getty Images

Elon Musk’s growing influence in President-elect Donald Trump’s transition team was on full display on Nov. 16 as he publicly endorsed Howard Lutnick, CEO of Cantor Fitzgerald, for Treasury secretary, thrusting the usually private Cabinet selection process into the social media spotlight.

Musk voiced support for Lutnick in a Nov. 16 post on social media platform X, framing him as a reformer who could bring much-needed change to Washington. Musk contrasted Lutnick with hedge fund manager Scott Bessent, the other leading contender for the role.

“Would be interesting to hear more people weigh in on this for @realDonaldTrump to consider feedback,” Musk wrote, tagging Trump in his post. “My view [for what it’s worth] 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 one way or another.”

Musk’s post ignited a flurry of reactions on X. Some critics called Lutnick too disruptive, warning that he might take a “cowboy’s approach” to managing the Treasury Department. Others praised Lutnick as a bold thinker and capable of driving innovation.

The idea of a public debate on X between Lutnick and Bessent, floated by some users, gained traction after Musk signaled his willingness to moderate such an event. Billionaire investor Bill Ackman called the proposal a “good idea.”

Despite the online buzz, Trump transition spokeswoman Karoline Leavitt sought to temper speculation.

“President-elect Trump is making decisions on who will serve in his second administration,” she said in a statement to media outlets. “Those decisions will be announced when they are made.”

Musk’s decision to spotlight the Treasury secretary race to his 200 million-plus followers underscored his growing influence in Trump’s inner circle. While some media outlets have framed his involvement as overreach, citing anonymous sources close to Trump, the president-elect has publicly embraced Musk’s presence.

“He likes this place. I can’t get him out of here!” Trump joked recently about Musk’s frequent visits to Mar-a-Lago.

Trump is expected to announce his economic team, including his choice to succeed Janet Yellen as Treasury secretary, in the upcoming week. According to senior adviser Corey Lewandowski, the incoming administration is seeking a candidate who can drive economic growth and bolster U.S. manufacturing.

The Treasury secretary is one of the most critical roles in the federal government, overseeing the nation’s finances, issuing debt, and shaping fiscal policy.

“The two candidates ... both have extensive experience on Wall Street,” Lewandowski said of Bessent and Lutnick. “Both are recognized as experts in their respective field.”

Other names reportedly under consideration include former U.S. Trade Representative Robert Lighthizer and Trump adviser Larry Kudlow.

While the Treasury secretary remains the most high-profile economic role to be filled, other significant Cabinet posts, including secretary of commerce and administrator of the Small Business Administration, are expected to be announced in the coming week.

Trump’s nominees so far include Rep. Mike Waltz (R-Fla.) for national security adviser; Sen. Marco Rubio (R-Fla.) for secretary of state; former Rep. Tulsi Gabbard, who represented Hawaii as a Democrat, for director of national intelligence; Pete Hegseth, a Fox News host and U.S. military veteran, as secretary of defense; and South Dakota Gov. Kristi Noem as secretary of homeland security.

All Cabinet positions require Senate confirmation.