Musk Throws Support to Lutnick Over Bessent in Treasury Race

Billionaire Elon Musk voiced support for Howard Lutnick in the race to be President-elect Donald Trump’s next Treasury secretary as warring camps make final pushes for the coveted cabinet post.

The infighting has delayed decisions on Trump’s economic picks even as he rushes to fill many other posts in his incoming administration. 

Musk said on his social media platform X that he saw the Cantor Fitzgerald LP CEO as a disruptor compared to Key Square Group LP founder Scott Bessent, another contender for the position who met with Trump on Friday.

Allies of both Bessent and Lutnick have been lobbing in calls to Trump, which is creating tension and increasing the chance that another candidate rises up, people familiar with the decision making said. 

Trump himself has appeared frustrated with the infighting and staff are looking for alternatives, with Robert Lighthizer, Senator William Hagerty and Apollo Global Management Inc. Chief Executive Officer Marc Rowan among the names in the mix. 

Musk said he sees Bessent as “a business-as-usual choice” while Lutnick “will actually enact change,” and encouraged others to weigh in publicly on the decision. 

Lutnick is currently working as a co-chair of Trump’s transition effort. Bessent was still at Mar-a-Lago, Trump’s club, on Saturday. 

“Business-as-usual is driving America bankrupt, so we need change one way or another,” Musk said.

Musk’s tweet was in response to veteran investor Kyle Bass, who tweeted that Bessent was “eminently more qualified than Howard Lutnick to run the US Treasury” and understood “markets, economics, people, and geopolitics better than anyone I’ve ever interacted with.”

A representative for Lutnick declined to comment as did Bessent. 

Musk has been a regular presence by Trump’s side since Election Day, sitting in on transition meetings and calls and meetings with foreign leaders and earning his own appointment to a panel examining government efficiency. But the limits of his political influence were seen this week, when Senate Republicans elected John Thune from South Dakota over Florida’s Rick Scott – whom Musk had publicly endorsed – as their next leader.

Lobbying efforts for the Treasury job, which will sit at the center of Trump’s ambitious agenda to overhaul tariff and tax policy, have intensified in recent days, with jostling for the position spilling into the headlines. Larry Kudlow, Trump’s former National Economic Council director, informed the president-elect’s team that he did not want a role in the new administration. 

Here’s the latests from the transition:

The president-elect used a gathering Friday night at his Mar-a-Lago club to publicly endorse Republican National Committee co-chair Michael Whatley for another term, CNN reported.

Trump invited Whatley up to the stage during a donor meeting of the Conservative Political Action Conference at his estate and offered him the job, which Whatley accepted. The North Carolina attorney has led the committee alongside Lara Trump, the president-elect’s daughter-in-law, since March, when chairwoman Ronna McDaniel was removed from the post at Trump’s urging.

Trump’s nomination of Senator Marco Rubio as US secretary of state has fanned calls for Florida Governor Ron DeSantis to appoint Lara Trump to serve for the next two years.

On the Democratic side, US Ambassador to Japan and former White House chief of staff Rahm Emanuel is weighing a bid to run for chair of the Democratic National Committee, Axios reported.

Trump announced Saturday he would name William Owen Scharf, one of his attorneys, as staff secretary, a critical behind-the-scenes role at the White House that determines the flow of documents into and out of the Oval Office.

“Will is a highly skilled attorney who will be a crucial part of my White House team,” Trump said in a statement. “He has played a key role in defeating the Election Interference and Lawfare waged against me, including by winning the Historic Immunity Decision in the Supreme Court.”

Trump’s first staff secretary, Rob Porter, was among a tight cadre of senior aides during his first term and dated Hope Hicks, the White House communications director. But the pair became tabloid figures — and Porter resigned — after domestic abuse allegations leveled by two former wives surfaced.

With assistance from Amanda Gordon, Bill Allison, Justin Sink and Joshua Green.

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