"Trump 2.0" The crucial finance minister battle, "Minister Ma" publicly speaks out! Is the support of these people leading to a big sell-off on Wall Street this week?

As Trump's second term approaches, the battle for key cabinet positions, especially the Secretary of the Treasury, becomes more intense. Musk's public support for Howard Lutnick, co-chair of Trump's transition team, has added fuel to the fire. On November 17th, Trump's two most powerful allies, Musk and Robert F. Kennedy Jr, voiced their support for Howard Lutnick as Secretary of the Treasury on the social media platform X. Musk described him as a candidate who could "truly bring about change" and referred to another major competitor, hedge fund CEO Scott Bessent, as a "business as usual" choice who would "continue to lead America to bankruptcy, so change must be made." Analysis points out that the role of the Secretary of the Treasury will be crucial in Trump's second term, as it covers financial markets, U.S. debt issuance, economic national security affairs, tax policies, and even the strength of the U.S. dollar. This position will play a key role in shaping the 2025 tax reform legislation and may also be a crucial interlocutor in trade negotiations with foreign leaders. Currently, the market seems to be making judgments on the choice for Treasury Secretary. Hedge fund manager Kyle Bass stated: "The market initially rose due to Trump's victory, but with Lutnick expressing interest in the Treasury Secretary position, there has been a sell-off. The market seems to be telling Trump that Bessent is the more suitable choice." Intense battle for Treasury Secretary The battle for the Treasury Secretary position has now become a proxy war for Trump 2.0. Among those inclined towards a more stable approach, Bessent has emerged as a popular choice, while Lutnick has won the support of many of Trump's die-hard supporters. According to POLITICO, billionaire and Cantor Fitzgerald CEO Lutnick is a powerful figure on Wall Street and has been vying for the position, using his role in the transition team to control the flow of information to the president and influence his personnel decisions. Trump's appointed "Government Efficiency Department" Musk maintains close ties with Lutnick, and the two have been spotted meeting with Trump at Mar-a-Lago. Lutnick previously stated that he had extensive discussions with Musk on ways to reduce government spending and mentioned in an interview involving related plans, "Musk, Trump, and I will come up with a solution." According to sources cited by The Wall Street Journal, Lutnick seemed to be losing ground in the race later this week, prompting Musk and Kennedy to publicly declare their support. It has been reported that Musk recommended to Trump that if Lutnick were to become Treasury Secretary, he would be better able to work with financial institutions, including major banks on Wall Street. Bessent, one of Trump's key advisors during the campaign, has maintained a low profile but emerged as a major competitor for the position in the final days of the campaign, making frequent media appearances and writing columns to promote Trump's agenda. Other prominent Trump supporters and Wall Street figures have publicly expressed their support for him. Bessent has also spent time at Mar-a-Lago and met with the president-elect. Trump had high praise for Bessent during the presidential campaign, calling him "one of the smartest people on Wall Street" who is "respected by everyone." Investor Kyle Bass also believes that "Bessent is the ideal choice for Treasury Secretary. Lutnick should take on an important and great role, but the 'producer' should not become the 'main character'." How will Trump choose? The competition is fierce, but Trump has not shown a clear preference yet. Trump's transition spokesperson Karoline Leavitt stated in a press release: "President-elect Trump is deciding who will serve in his second administration, and he will announce it when the time comes." Some analysts suggest that the public influence of these two "high-profile" allies has put pressure on Trump, and the relationship between Musk and the Treasury Secretary nominee may largely determine the success of budget reforms. According to sources, all these struggles sometimes frustrate Trump and his top aides, leading some of those close to him to wonder if the president-elect will choose a completely different candidate. Candidates discussed by Trump's advisors also include Marc Rowan, CEO of Apollo Global Management. This article is from "Wall Street News," written by Huang Wenwen; GMTEight Editing: Liu Xuan.