Elon Musk has publicly endorsed Howard Lutnick, CEO of Cantor Fitzgerald, for the role of Treasury secretary in Donald Trump’s incoming administration. Musk made the statement on X (formerly Twitter), highlighting that Lutnick would “actually enact change,” a sentiment that contrasts with the view of many who see Scott Bessent, the founder of Key Square Group, as another strong candidate for the role. While the president-elect has not formally announced his choice, both Lutnick and Bessent are considered frontrunners for the critical position.

The Treasury secretary will play a key role in shaping economic policy, especially as Trump’s victory was driven by economic issues, despite the current low unemployment and economic growth. However, many Americans remain frustrated by high prices and inflation. Lutnick, who has known Trump for decades and supported his campaign through fundraising, is already playing an influential role in the transition, particularly in helping review candidates for other cabinet positions. Bessent, an economic advisor to Trump during his campaign, is also well-regarded, with Republican Senator Lindsey Graham praising his qualifications.

Despite these endorsements, Musk expressed his opinion that Bessent would represent a “business-as-usual” approach, while Lutnick could bring the change that conservatives are seeking. Musk further argued that the current trajectory was pushing America toward bankruptcy, implying that significant change is needed.

Lutnick’s involvement in Trump’s transition team suggests he could be a key figure in the new administration’s economic policy.