 "Howard Lutnick, Chairman and CEO of Cantor Fitzgerald, gestures as he speaks during a rally for Republican presidential nominee and former US President Donald Trump at Madison Square Garden, in New York, US, October 27, 2024. File Image/Reuters")
Billionaire financier Howard Lutnick, CEO of Cantor Fitzgerald, is emerging as a potential contender for US Treasury secretary under President-elect Donald Trump, with the backing of high-profile figure, Elon Musk.
Musk’s endorsement for Howard Lutnick
Musk, a close adviser to Trump, expressed his support for Lutnick on X, calling him a candidate who could “actually enact change.”
The endorsement comes amid reports that Trump is weighing Lutnick and investor Scott Bessent for the critical Treasury role, with sources close to the decision saying Trump has yet to finalise his pick.
Musk criticised Bessent as a “business-as-usual choice,” warning that such an approach is already in place and “driving America bankrupt.”
Who is Howard Lutnick?
Lutnick, 63, rose to prominence following the September 11, 2001, terrorist attacks, which claimed the lives of 658 Cantor Fitzgerald employees, including his brother.
He has since rebuilt the firm into a global financial services powerhouse and established the Cantor Fitzgerald Relief Fund to support families of 9/11 victims and those impacted by natural disasters.
A close ally of Trump, Lutnick co-chairs the president-elect’s 2024 transition team and has played a significant role in fundraising efforts, donating more than $10 million and helping to raise over $75 million for Trump’s campaign.
Impact Shorts
More ShortsHis economic views, which include criticism of tax increases and support for lower tariffs, align closely with Trump’s second-term agenda.
Criticism over conflict of interest
However, Lutnick’s potential nomination has sparked scrutiny. Critics point to his dual role as a financier and transition team co-chair, raising concerns about conflicts of interest.
His association with Tether, a cryptocurrency firm under federal investigation, has also drawn criticism. Additionally, some allege Lutnick has sidelined key figures from Trump’s previous administration in favour of appointees more aligned with his business interests.
“The entire transition team is solely focused on ensuring President Trump is victorious and ready to build out his historic second administration immediately,” Lutnick said in a recent statement.
Trump has yet to announce his Treasury pick, but Lutnick’s experience, political loyalty, and high-profile endorsements suggest he is a leading contender for the role.
With inputs from agencies