economie

Who could make up Trump’s Cabinet? Here are the business leaders that could rise to power in a 2nd term

October 30, 20240
Musk, who appeared at a Trump rally in Butler, has spent nearly $10 million boosting the GOP in House races.

Jabin Botsford/The Washington Post via Getty Images

Billionaire Tesla and SpaceX CEO Elon Musk has become one of Trump’s most powerful supporters and donors.

The X owner could nab a position in Trump’s Cabinet if the former president is reelected.

Trump has said he’d consider taking Musk up on his offer to form and then lead a Department of Government Efficiency, which would focus on reducing spending and regulations.

At Trump’s New York rally in Madison Square Garden, Musk told the crowd that he’d cut $2 trillion from the Biden-Harris budget, without providing further details on how or what he would cut.

A Trump spokesperson previously told Business Insider that “President Trump is committed to having Mr. Musk lead this commission to analyze the functionality of our government.”

Jeff Yass

Jeff Yass, the founder of trading firm Susquehanna International Group, is the richest man in Pennsylvania.

The billionaire’s name has been floated as a potential contender for Treasury Secretary in a second Trump administration, Bloomberg reported in March.

Yass has donated over $46 million to conservative causes and PACs in the 2024 election cycle, Axios reported. But the Republican megadonor’s positions haven’t always aligned with Trump. Yass has privately dismissed Trump’s claims the 2020 election was stolen, according to the Philadelphia Inquirer.

Yass is one of the biggest donors to Club for Growth’s PAC, a conservative anti-tax political organization whose president Trump once feuded but has since reconciled with.

Trump met with Yass, whose company has a 15% stake in TikTok-owner ByteDance, in March this year. While the former president says the pair did not discuss TikTok, Trump abruptly reversed his previous support for banning the social media app after their meeting.

John Paulson
Howard Lutnick at a Trump’s Madison Square Garden rally in New York in October.

ANGELA WEISS / AFP

Howard Lutnick, the CEO of financial-services company Cantor Fitzgerald and co-chair of Trump’s transition team, has been a close ally of the former president for years. He appeared on “The Apprentice,” and has helped raise over $75 million for the former president’s campaign, including $10 million he donated himself, Politico reported.

In his role on Trump’s transition team, Lutnick has been vetting possible appointees for a second Trump administration and, though he did not mention specific names, he has suggested to The Philadelphia Inquirer and to The Financial Times that loyalty to Trump will be one of the most important factors in a candidate.

People close to Lutnick have speculated that the Wall Street financier himself could be tagged for a role in Trump’s Cabinet, like US ambassador in Jerusalem or even Treasury Secretary, according to Bloomberg.

Scott Bessent
Former President Donald Trump has hinted that North Dakota Gov. Doug Burgum would be in his next administration.

Chip Somodevilla/Getty Images

North Dakota Governor and businessman-turned-politician Doug Burgum was considered a top contender for Trump’s running mate before the former president selected JD Vance.

But Burgum could still score a position in Trump’s Cabinet if he wins in November.

Burgum told CNN’s Kaitlan Collins in July about when Trump called to tell him he wasn’t selected as the Republican vice presidential candidate. During that call, Burgum told Collins that Trump had referred to him as “Mr. Secretary,” apparently suggesting that Burgum may be in the running for a position as secretary of state.

The former software company CEO has not confirmed whether he would accept a role in a second Trump administration, instead reiterating that he is focused on serving out his final days as North Dakota’s governor and making sure Trump wins in November.

Burgum has remained in Trump’s good graces since endorsing him ahead of the Iowa caucuses. He has frequently been a top Trump surrogate on cable TV.