Elon Musk's involvement in the selection for the coveted Treasury Secretary position under President-elect Donald Trump has sparked significant controversy and concern among Trump's inner circle. Musk, who has emerged as one of Trump's close advisers, recently endorsed Howard Lutnick, the billionaire CEO of Cantor Fitzgerald, via social media, heightening tensions between Lutnick and his rival, Scott Bessent, the founder of Key Square Group, who also seeks the role.
According to reports, the endorsement aligns Musk and Lutnick against Bessent, whom Musk labels as "a business-as-usual choice." Instead, he regards Lutnick as someone who could bring about meaningful change, especially concerning economic policies and tariff strategies. "Business-as-usual is driving America bankrupt, so we need change one way or another," Musk argued on X, the platform formerly known as Twitter. His comments came during heightened competition as both candidates vie for Trump's favor.
The dynamics surrounding the position have led to intense lobbying among the candidates' allies, creating an atmosphere akin to a "knife fight" as both Lutnick and Bessent push for Trump's backing. This intense jockeying could be seen as exacerbated by the fact Lutnick is already serving as co-chair of Trump's transition team, which offers him insider access and influence over the selection process.
Trump's frustration is palpable. Sources indicate he is not only overwhelmed by the infighting but also concerned about Lutnick's influence. Some aides allege Lutnick might have used his role to advance his personal ambitions, which reportedly annoys the president-elect. This unease has led Trump to widen his consideration list to include names like former Federal Reserve governor Kevin Warsh and Apollo Global Management CEO Marc Rowan, both of whom may align with Trump's economic vision.
Musk's engagement is particularly noteworthy because of his financial contributions during Trump's previous campaign. Having put over $100 million behind his re-election effort, Musk's amplified presence now raises questions about whether he is exerting too much influence over Trump's administration.
Interestingly, the endorsements from Musk and Robert F. Kennedy Jr., who also supports Lutnick, showcase how these endorsements play out publicly, stirring the pot of this fierce competition. Lutnick's push to win the role appears relentless, as he continues to garner high-profile support.
While Lutnick and Bessent both articulate their qualifications, the political intricacies weave through the narratives of their respective backgrounds. Lutnick's embrace of cryptocurrency likely adds to its appeal, especially with Musk's affinity for such digital currencies. This connection also renders Lutnick's candidacy more futuristic compared to Bessent's traditional approach, which some view with skepticism.
Despite the chaos surrounding the selection, Trump remains focused on finding someone who aligns with his agenda—an agenda heavily centered on tariffs and economic dominance. Observers note Trump is particularly wary of appointing someone who might derail his policies, referencing tensions with former Treasury Secretary Steven Mnuchin, who often disagreed with his decisions.
Musk's presence at Mar-a-Lago with Trump only adds layers to the narrative, as insiders noted he is spending considerable time influencing decisions at the highest level. Even as Musk's endorsement of Lutnick seems to clash with Trump’s growing frustration, it nonetheless reflects the challenging path the incoming administration must navigate.
Trump's upcoming meetings with both Lutnick and Bessent are expected to shape the final decision for the Treasury position. Continued conflict and divisions within his circle will likely contribute to what could be the most contentious selection yet of his presidency.
