Business tycoon Elon Musk suggested in a post on X that Scott Bessent, who previously worked as chief investment officer for Soros Fund Management, would be a status quo Treasury secretary pick, but that Trump transition co-chair Howard Lutnick would be a change agent.
Musk posted about his preference on X, the social media company he owns, while waiting for Trump to make an announcement on the Cabinet post
“Would be interesting to hear more people weigh in on this for @realDonaldTrump to consider feedback. My view [for what it’s worth] is that Bessent is a business-as-usual choice, whereas @howardlutnick will actually enact change,” Musk tweeted. “Business-as-usual is driving America bankrupt, so we need change one way or another.”
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Musk made the comments when responding to a post by J. Kyle Bass, Hayman Capital Management founder and chief investment officer, who claimed that Bessent is more qualified for the job.
“Scott Bessent is eminently more qualified than Howard Lutnick to run the U.S. Treasury,” Bass wrote. “Scott understands markets, economics, people, and geopolitics better than anyone I’ve ever interacted with. Markets have already anticipated a Bessent choice. Lutnick is not Trump’s answer.”
Robert F. Kennedy Jr., who Trump tapped to serve as secretary of the Department of Health and Human Services, also responded to Bass’ post.
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“Bitcoin is the currency of freedom, a hedge against inflation for middle class Americans,a remedy against the dollar’s downgrade from the world’s reserve currency, and the offramp from a ruinous national debt. Bitcoin will have no stronger advocate than Howard Lutnick,” Kennedy wrote.
Sen. Lindsey Graham, R-S.C., said he believes Bessent would “be outstanding,” according to Semafor.
Last week, Trump announced that Musk and former GOP presidential primary candidate Vivek Ramaswamy will work together on an effort to root out government waste, which has been dubbed the Department of Government Efficiency (DOGE).
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In a statement, Trump noted that DOGE “will provide advice and guidance from outside of Government, and will partner with the White House and Office of Management & Budget to drive large scale structural reform, and create an entrepreneurial approach to Government never seen before.”
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