--- title: "Trump Treasury cabinet pick in flux as jockeying slows selection" description: "The search for Donald Trump’s economic chief devolved into disarray over the weekend, with contenders tussling for support, aides scrambling to find alternative candidates and the president-elect fuming over the behind-the-scenes chaos that has spilled into public view." type: "NewsArticle" publisher: "Daily Maverick" site: "https://www.dailymaverick.co.za" section: "Business Maverick" author: "Bloomberg" author_url: "https://www.dailymaverick.co.za/author/bloomberg/" canonical_url: "https://www.dailymaverick.co.za/article/2024-11-18-trump-treasury-cabinet-pick-in-flux-as-jockeying-slows-selection/" published: "2024-11-18T05:29:19" updated: "2024-11-18T05:29:21" lang: "en-ZA" word_count: 583 --- # Trump Treasury cabinet pick in flux as jockeying slows selection > The search for Donald Trump’s economic chief devolved into disarray over the weekend, with contenders tussling for support, aides scrambling to find alternative candidates and the president-elect fuming over the behind-the-scenes chaos that has spilled into public view. By Bloomberg · Published 18 November 2024, 07:29 SAST · Updated 18 November 2024, 07:29 SAST ## Key points - In a high-stakes game of musical chairs, Elon Musk threw his weight behind Howard Lutnick for Treasury, leaving Scott Bessent scrambling to convince Trump that business as usual won't bankrupt the nation—because who doesn’t love a little financial drama with their UFC? - Elon Musk publicly backs Howard Lutnick for Treasury, contrasting with Scott Bessent, a potential nominee favored by Trump. - Infighting over the Treasury position highlights Trump's frustration, with multiple candidates being considered amidst a $28-trillion market. - Lutnick, a key fundraiser for Trump, is seen as a change agent, while Bessent is labeled a "business as usual" choice. - Trump's cabinet selections are moving quickly, with unconventional picks like Matt Gaetz for attorney general and Chris Wright for Energy Department head. ## Content Over the weekend, billionaire Elon Musk and Key Square Group founder Scott Bessent — whom Trump is considering for the Treasury secretary post — spoke after Musk publicly endorsed a separate candidate, Howard Lutnick, as the best pick for the role, according to people familiar with the matter. Trump has appeared frustrated with the infighting over the powerful cabinet position — which includes overseeing the $28-trillion Treasuries market and economic sanctions. Staff have been looking for alternatives, with Robert Lighthizer, Senator William Hagerty, Apollo Global Management CEO Marc Rowan and Kevin Warsh, a former Federal Reserve governor, among the names in the mix, said people familiar with the discussions. In addition to the Treasury, other economic posts including director of the National Economic Council are coveted positions. Peter Navarro, a former economic and trade adviser to Trump, is among those floated in recent days for the NEC role, people said. The race for Treasury intensified on Saturday when Musk, who has become a close adviser and key supporter of Trump, posted on X that Bessent would be the “business as usual choice” while Lutnick, co-chair of Trump’s presidential transition, would “actually enact change” [as Treasury secretary](https://www.bloomberg.com/news/articles/2024-11-16/musk-throws-support-to-lutnick-over-bessent-in-treasury-race). Bessent’s allies quickly arranged a call later on Saturday for him and Musk, the people said. In the evening, Musk was [in New York with Trump](https://x.com/speakerjohnson/status/1858182710147096826?s=46&t=HvJUHH_ZImep0c-p0gqFbA) to watch a UFC fight in Madison Square Garden before the president-elect flew back to Palm Beach, Florida, where his transition team is headquartered. Bessent is currently in Palm Beach, the people said. Bessent declined to comment. Musk didn’t immediately reply to a request for comment. Lutnick was a key support to Trump’s fundraising in the final stretch of his campaign and has helped lead the team’s transition to the presidency. Some advisers are looking at other options for Lutnick, such as a high-profile ambassadorship, people familiar with the discussions have said. Musk’s pro-Lutnick post on Saturday responded to veteran investor Kyle Bass, who said Bessent was the more qualified pick and understood “markets, economics, people, and geopolitics better than anyone I’ve ever interacted with.” *Would be interesting to hear more people weigh in on this for*[*@realDonaldTrump*](https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw)*to consider feedback.**My view fwiw is that Bessent is a business-as-usual choice, whereas*[*@howardlutnick*](https://twitter.com/howardlutnick?ref_src=twsrc%5Etfw)*will actually enact change.**Business-as-usual is driving America bankrupt, so we need change…*[*https://t.co/igGLZOJ8wz*](https://t.co/igGLZOJ8wz) *— Elon Musk (@elonmusk)*[*November 16, 2024*](https://twitter.com/elonmusk/status/1857819784865362211?ref_src=twsrc%5Etfw) While Musk has been a regular presence by Trump’s side since Election Day on 5 November, last week showed the limits of his political influence when Senate Republicans elected John Thune from South Dakota as their next leader. Musk had endorsed Florida’s Rick Scott for the post. Bessent [praised Trump’s economic agenda](https://www.bloomberg.com/news/articles/2024-11-14/bessent-hails-trump-agenda-as-candidates-vie-for-treasury-post) in a Fox News interview last week, saying “we could have a golden age for the next four years,” including a return of manufacturing, US energy dominance and a technology boom. Lutnick is among those pushing back against Bessent, saying the hedge fund manager is soft on key protectionist pledges, including tariffs, people familiar with the matter have said. Trump has sought to move quickly on cabinet nominees for his second term as president, including unconventional choices such as former Representative Matt Gaetz for US attorney general and Army veteran and Fox News host Pete Hegseth for defence secretary. On Saturday, Trump picked Chris Wright, who runs a Colorado-based oil and natural gas fracking services company, to lead the Energy Department and William Owen Scharf, one of his attorneys, as White House staff secretary.