Elon Musk, CEO of Tesla and SpaceX, recently revealed his preferred candidate for the role of Treasury Secretary under the upcoming administration of President-elect Donald Trump. He shared his endorsement on the platform X, a choice that Trump has yet to formally announce.

Musk voiced his support for Howard Lutnick, a co-chair for the Trump-Vance transition and the CEO and chairman of Cantor Fitzgerald, BGC Group, and Newmark Group. Musk believes that Lutnick has the potential to drive significant change within the Treasury Department.

Lutnick and Scott Bessent, founder and CEO of Key Square Group, are considered frontrunners for the Treasury Secretary position. However, Musk conveyed his concerns about Bessent in his post, suggesting that Bessent may represent a continuation of the status quo. Musk believes that a business-as-usual approach could potentially lead to financial instability for the country.

In addition to sharing his personal views, Musk encouraged others to offer their opinions, urging the President-elect to consider public feedback on the matter.

Meanwhile, Trump’s transition spokesperson, Karoline Leavitt commented that the President-elect is yet to finalize his decision about the Treasury Secretary appointment.

Both Lutnick and Bessent have longstanding relationships with Trump. Lutnick has known Trump for many years and has even hosted a fundraiser for him. He has also reportedly been assisting Trump in reviewing candidates for cabinet positions. Bessent, on the other hand, served as a key economic advisor to Trump during his 2024 campaign, and he has received an endorsement from Republican Senator Lindsey Graham of South Carolina.

As for those interested in investing or closely following the economic policy of the new administration, the selection of the Treasury Secretary will undoubtedly have significant implications, making it a topic worth following.