Howard Lutnick, US Commerce Secretary under Trump, has publicly advocated for the purchase of Tesla shares today. Lutnick’s firm indirectly holds Tesla stock.
Per Electrek, this is the first public recommendation of a particular stock by a serving US Commerce Secretary.
It is quite remarkable that this first is taking place under these particular circumstances.
Investment bank Cantor Fitzgerald has been under Lutnick’s guidance for many years, and he has a multi-billion dollar stake in the company.
Cantor Fitzgerald started purchasing Tesla shares in 2022, and during a bull run in 2024, their position in the carmaker was substantially enhanced.
After Elon Musk’s $250 million campaign donation helped Trump win the election last year, the CEO of Tesla began to suggest Lutnick for the important position of Secretary of the Treasury. His tweet read:
Would be interesting to hear more people weigh in on this for @realDonaldTrump to consider feedback.
My view fwiw is that Bessent is a business-as-usual choice, whereas @howardlutnick will actually enact change.
Business-as-usual is driving America bankrupt, so we need change… https://t.co/igGLZOJ8wz
— Elon Musk (@elonmusk) November 16, 2024
Although Trump ultimately selected Bessent, Lutnick was appointed Secretary of Commerce thanks to Musk’s influence.
Lutnick announced his intention to sell his Cantor Fitzgerald-related assets within 90 days of being appointed by Trump.
There has been no word about whether or whether he has begun divesting yet, even though the 90 days have not expired.
Over the course of today’s broadcast on Fox News, he suggested that viewers purchase Tesla stocks:
“I think if you want to learn something on this show tonight, buy Tesla. It’s unbelievable that this guy’s stock is this cheap. It’ll never be this cheap again,”
After experiencing a decline in value of more than forty percent so far in 2018, Tesla’s stock has been subjected to a publicized stock pump.
Luis Gochoco is a seasoned managing editor and writer with over a decade of experience covering politics, technology, gaming, and entertainment news. With a keen eye for breaking stories and in-depth analysis, he has established himself as a trusted voice in digital journalism. Luis is one of the key forces behind the success of GameNGuide, contributing to 12 million views through engaging and high-traffic content. He also played a pivotal role in generating 8 million views on International Business Times, shaping the platform’s technology and gaming coverage.
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