Howard Lutnick is leading Donald Trump’s transition team, but the president-elect seems to be distancing himself from the Cantor Fitzgerald owner, whose firm controls commercial brokerage Newmark.
Lutnick is getting on Trump’s nerves as he jockeys for a position in the cabinet, the New York Times reported. Lutnick had been considered one of the top candidates for Treasury secretary, but Trump is beginning to look at other candidates, including Apollo Global Management chief executive officer Marc Rowan.
Lutnick has long aligned himself with Trump, hosting a Hamptons fundraiser for him over the summer. He’s also appeared on “The Apprentice” and popped up at political rallies.
But Trump is privately expressing frustration about Lutnick, according to the Times, annoyed about how much Lutnick is hanging around and concerned the Cantor Fitzgerald leader may be manipulating the transition for personal gain. However, Trump is also known to intentionally create drama with selective leaks to the press.
Lutnick is also believed to be the primary aggressor in a dispute with Key Square Capital Management founder Scott Bessent, another top candidate for Treasury secretary.
Lutnick and Trump met on Sunday, but details of that discussion have not been made public. The two have known each other for decades and have golfed together.
Trump was expected to name his Treasury head last week as part of the incoming president’s rapid selection process for cabinet posts. He’s since slowed down his process on this pick, though, and is expected to meet this week with Rowan and former Federal Reserve governor Kevin Warsh, whom Trump has referred to as being smart and handsome.
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Elon Musk backed Lutnick over the weekend, referring to Bessent as a “business-as-usual” choice for the Treasury Secretary post. Musk has been a constant presence by Trump’s side since the end of the campaign, attending the UFC 309 event in New York City together on Saturday.
A spokesperson for Lutnick did not respond to a request for comment.