Elon Musk has publicly thrown his weight behind Howard Lutnick as the next U.S. Treasury Secretary, making a bold statement about the direction of Donald Trump’s upcoming administration. In a post on the social media platform X (formerly Twitter), Musk urged his followers to support Lutnick, arguing that his leadership would break away from traditional economic policies and bring real change to Washington.
Lutnick, the former CEO of Cantor Fitzgerald, is in contention for the high-profile cabinet position, facing competition from Scott Bessent, a capital management executive. Bessent, who supports maintaining the U.S. dollar as the world’s reserve currency and using tariffs as a negotiating tool with China, has outlined his vision for the U.S. economy.
Musk, however, believes Lutnick offers a more transformative approach. He criticized the “business-as-usual” policies that, in his view, are driving America towards economic decline. “Business as usual is bankrupting America, so we need change,” Musk wrote on X, urging his followers to weigh in on the decision.
Lutnick, in a recent interview with The Wall Street Journal, discussed his approach to the Treasury role, emphasizing loyalty to Trump’s policies. Lutnick, who describes himself as a “fiscal conservative, social liberal,” also mentioned his belief that the Democratic Party had moved away from his views, which led him to support Trump’s economic agenda.
Both Lutnick and Bessent share a commitment to using trade tariffs as a key part of U.S. policy, a strategy Trump employed during his first term. However, both also stress that tax cuts would offset the costs of tariffs and boost economic growth. Despite their shared stance, some economists warn that tariffs could hurt U.S. economic expansion and lead to inflation.
Musk’s endorsement signals his growing influence in Trump’s inner circle. The tech billionaire is expected to play a significant role in the new administration, particularly in leading the proposed Department of Government Efficiency, which will focus on cutting wasteful spending and reforming federal bureaucracy.
Reports indicate that some within Trump’s team have been surprised by Musk’s vocal support for Lutnick, with one source describing his actions as bordering on “co-presidency.” Musk, who spent millions supporting Trump’s campaign, has been a constant presence in Trump’s orbit, frequently participating in high-level discussions with foreign leaders and policy advisors.
Musk and Trump were seen together attending a UFC event in New York over the weekend, a public display of their close relationship. As Trump continues to finalize his cabinet appointments, Musk’s influence over key decisions remains a focal point of attention.
