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 choose as his Treasury secretary, according to a Reuters report.
Musk’s endorsement has further intensified the debate over the choice of Treasury Secretary. Although Trump has not yet 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 after noted that Scott Bessent is uniquely better suited than Howard Lutnick to lead the U.S. Treasury Department.
“Scott understands markets, economics, people and geopolitics better than anyone I’ve ever interacted with. The markets have already anticipated a choice by Bessent. Lutnick is not Trump’s answer,” he said.
“We need change,” Musk says
However, Musk had differing opinions. He believes that Bessent is a business-as-usual choice, while Howard Lutnick will make real changes to address the country’s financial challenges. He also said that “Business-as-usual is driving America bankrupt, so we have to change somehow.”
The Tesla CEO also urged the public and policymakers to weigh in on the Treasury Secretary’s 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 not have a stronger advocate than Howard Lutnik,” he wrote.
Although Lutnick’s approach is seen as disruptive, Bessent appears to be taking a steadfast, market-friendly stance. His support for tariffs and domestic economic strengthening has drawn both approval and criticism. On the other hand, Scott Bessent has proven to have special knowledge of global markets and economic skills.
In response to Musk’s endorsement of Lutnick, Rumble CEO Chris Pavlovski also commented marked Lutnick’s instrumental role in taking Rumble public and defending free speech.
Scott Bessent’s chances rise to 87%
Despite Tesla CEO Howard’s endorsement, the odds of Scott Bessent 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 lobbied calls for Trump, creating tension and increasing the likelihood that another candidate will emerge, people familiar with the decision-making say.
The role of finance ministers
Regardless of party affiliation, Treasury Secretaries have historically embraced policies that strengthen the U.S. dollar, promote economic growth, signal stability to the stock and bond markets, and seek to maintain the stability of the tax base, the revenue from which flows to the Department’s coffers from finance to finance the economy. the operation of the federal government.
This role will be extremely important in the incoming Trump administration, given the president-elect’s campaign promises to impose a blanket tariff of 10% or 20% on every import entering the United States, as well as a tariff of more than 10%. 60% on all Chinese imports.
Credit : coinpedia.org
