Elon Musk wants Trump to disrupt Wall Street

As Donald Trump considers his economic leadership team, Elon Musk has advocated publicly for an unconventional appointment to the role of Treasury secretary. Musk, a Trump supporter with significant influence, suggested Howard Lutnick, head of investment bank Cantor Fitzgerald, as a candidate. Scott Bessent, founder of Key Square, is the current frontrunner. Musk criticized Bessent as predictable, calling for change to prevent America's financial decline.

Both Bessent and Lutnick support Trump's economic policies like substantial tariffs, which face criticism from mainstream economists. Lutnick's assertive demeanor contrasts with Bessent's more traditional approach for the Treasury role, sparking debate among Wall Street leaders.

Despite preferences, analysts argue Trump's policies, particularly on tariffs, would proceed regardless of who occupies the Treasury. His proposed across-the-board tariffs could heighten inflation and impact employment negatively. While Trump nearly decided on Bessent, Lutnick mounted a campaign, highlighting his support for tariffs.

Amidst this rivalry, Trump contemplated alternatives, including Sen. Bill Hagerty and Larry Kudlow. Kudlow, citing health reasons, declined government return despite his connection to Trump's policies. Bessent was re-evaluated by Trump at Mar-a-Lago, exemplifying the crucial role of the Treasury secretary, especially under Trump's economic agenda focused on tariffs, tax cuts, and national debt obligations.