As President-elect Donald Trump finalizes his cabinet, billionaire Elon Musk has publicly backed Cantor Fitzgerald CEO Howard Lutnick for Treasury Secretary, calling him a “real change” candidate over hedge fund manager Scott Bessent, whom Musk described as a “business as usual choice.”
Musk, a key Trump ally and co-chair of the government's productivity commission, has used his X (formerly Twitter) platform to call for greater public participation in the election process.
“It would be interesting to hear more people weigh in on this so @realDonaldTrump can take the feedback into consideration,” Musk wrote. “Business as usual is bankrupting America, which is why we need change,” he added, noting Lutnick’s potential to enact meaningful reform.
Lutnick has drawn attention for his unconventional views, including being open to using cryptocurrencies such as Bitcoin to pay taxes, while Bessent is seen as a traditional, business-friendly candidate who is skeptical of cryptocurrencies.
Lutnick also received support from Trump’s pick for Secretary of Health and Human Services, Robert F. Kennedy Jr., who praised his pro-Bitcoin stance.
“Bitcoin is the currency of freedom, a hedge against inflation for middle-class Americans,” Kennedy wrote, adding that “Bitcoin will have no stronger advocate than Howard Lutnick” (although he misspelled Lutnick’s name).
Trump has announced several high-level cabinet appointments, including Florida Sen. Marco Rubio as secretary of state and former Florida Rep. Matt Gaetz as attorney general. However, the Treasury secretary position has yet to be filled, making the position a focus of political and public attention.
Trump also appointed former federal prosecutor Will Scharf as vice president and White House staff secretary, while Republican House Speaker Mike Johnson met with Trump at Mar-a-Lago over the weekend.
Trump's weekend schedule included attending the UFC heavyweight title bout between Stipe Miocic and Jon Jones at Madison Square Garden. Trump has longstanding ties to UFC President Dana White, who hosted a UFC event at the Trump Taj Mahal in 2001, and remains a close ally.
*This is not investment advice.