Elon Musk has expressed his support for Howard Lutnick, CEO of Cantor Fitzgerald and Tether advocate, as the leading candidate for the U.S. Treasury Secretary position in Donald Trump’s administration. Musk emphasized that Lutnick is capable of enacting change, contrasting him with Scott Bessent, another contender for the role.
Elon Musk Views Howard Lutnick as a Change-Driven Treasury Pick
In a recent post on his social media platform X, Elon Musk endorsed Howard Lutnick for the role of U.S. Treasury Secretary. Elon Musk stated that Lutnick would bring the change needed to address the country’s financial challenges. He contrasted Lutnick with Scott Bessent, founder of Key Square Group, whom Musk described as a “business-as-usual choice.”
Musk underscored that the status quo is pushing the United States toward financial instability and called for public input on the decision.
Musk’s endorsement has amplified the debate over the Treasury Secretary pick, with Lutnick’s approach seen as disruptive compared to Bessent’s steady, market-friendly stance. The decision has become a focal point in the president-elect’s transition efforts.
In addition, the Tesla CEO urged the public and policymakers to weigh in on the Treasury Secretary decision. In his post, Elon Musk suggested that feedback would help Donald Trump make an informed choice. He emphasized that Lutnick’s ability to enact meaningful change aligns with the public’s demand for a revamped approach to economic governance.
To encourage more engagement, Musk emphasized,
“Would be interesting to hear more people weigh in on this for Donald Trump to consider feedback.”
Scott Bessent Vs Howard Lutnick
Howard Lutnick has been participating in the formation of Trump’s policies as a member of the president-elect’s transition team for economic appointments. His support for tariffs and domestic economic strengthening has drawn both praise and criticism. On the other hand Scott Bessent has been shown to have special knowledge in global markets and economics skills which makes him perfect for the position.
Responding to Musk’s endorsement of Howard Lutnick, Chris Pavlovski, CEO of Rumble, highlighted Lutnick’s instrumental role in taking Rumble public and standing firm for free speech.
Howard Lutnick is the one who took Rumble public.
He stood for free speech when no others did (this takes courage) and he has been instrumental in Rumble’s success.
I’m with @elonmusk on this one. Howard is the type of person America needs. https://t.co/cO39Rn1x5k
— Chris Pavlovski (@chrispavlovski) November 16, 2024
Nevertheless, despite the Tesla CEO endorsements of Howard, Scott Bessent’s odds of being nominated as Treasury Secretary have risen to 87%. This has seen the Bitcoin price surge, with market sentiment tied to Bessent’s pro-crypto stance. BTC recently climbed to a new all-time high amid expectations that Trump’s appointment would bring clearer crypto regulations.
Bessent, a known advocate for Bitcoin and blockchain technologies, has highlighted their potential to democratize financial markets. His nomination could mark a pivotal moment for crypto adoption in the United States. However, his perceived alignment with traditional financial practices contrasts with Howard Lutnick’s disruptive approach, presenting a stark choice for Trump.
Meanwhile, Donald Trump will make his decision on the Treasury Secretary position in the coming days. Both Howard Lutnick and Scott Bessent are considered frontrunners, with lobbying efforts intensifying.
Lutnick’s role as co-chair of Trump’s transition team and now Elon Musk’s endorsement has boosted his candidacy. The announcement is likely to have far-reaching implications for U.S. economic strategy.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Leave a Reply