Headline
We're Discussing Billionaires Potentially Involved in Trump's Upcoming Government: Elon Musk, Tilman Fertitta, and Others
President-elect Donald Trump is on course to surpass the record he established in 2016 for assembling the wealthiest cabinet in history, with these tycoons being considered for his second term.
Details
Elon Musk: Musk, founder of Tesla and SpaceX, has become one of Trump's closest confidants and has been selected, along with fellow billionaire Vivek Ramaswamy, to direct the newly created Department of Efficient Governance. This advisory panel will focus on eliminating government bureaucracy, cutting unnecessary regulations, reducing unnecessary expenditures, and reorganizing federal agencies, as per Trump's instructions (Our Website valuation: $430.9 billion).
Tilman Fertitta: The proprietor of the Houston Rockets and Landry's restaurant and entertainment company is Trump's nominee for the ambassadorial post in Italy (Our Website valuation: $10.4 billion).
Warren Stephens: Trump's selection for the G.B. ambassador position, a position that requires Senate approval, is Stephens. He is a key Trump donor and heads the Arkansas-based investment bank Stephens Inc., which played a significant role in Walmart's 1970 IPO (Our Website valuation: $3.4 billion).
Linda McMahon: The former CEO of WWE is Trump's pick for Education secretary, pending Senate approval; she co-chaired his transition team and served as the Administrator of the Small Business Administration during Trump's first term before leading the America First Policy Institute (McMahon, whom is married to former WWE chairman and CEO Vince McMahon, is worth an estimated $3 billion).*
Jared Isaacman: Trump has designated Isaacman, the founder and CEO of Shift4 Payments, as the administrator of NASA. He founded defense firm Draken International in 2011, which was later bought by Blackstone for a reported nine-figure sum (Our Website valuation: $1.8 billion).
Howard Lutnick: Trump's chose Lutnick, the CEO of Cantor Fitzgerald, as his nominee for commerce secretary (which also requires Senate approval). Lutnick is known for rebuilding the financial services firm where he has spent his entire career, after the company lost 658 employees in the 9/11 World Trade Center attack (Our Website valuation: $1.5 billion).
Kelly Loeffler: Loeffler, the former GOP senator, was chosen by Trump to lead the Small Business Administration. She is married to billionaire Intercontinental Exchange founder Jeff Sprecher (worth an estimated $1.1 billion).*
Vivek Ramaswamy: A biotech entrepreneur and one of the youngest billionaires in the USA, Ramaswamy amassed his fortune through Roivant Sciences, which he founded nearly a decade ago before going public in 2021 and successfully bringing several drugs to market. He then launched a presidential bid (Our Website valuation: $1 billion).
Side Note
Trump has chosen several wealthy, although not billionaire, individuals to serve in his administration. MSD Capital founder John Phelan was appointed as secretary of the Navy, while Kushner Companies real estate firm founder Charles Kushner was chosen as ambassador to France. Massad Boulos—father-in-law to Trump's daughter Tiffany and Trump's nominee for senior Middle East adviser—has been widely perceived as a significant businessman, although The New York Times reports he operates a truck dealership in Nigeria worth about $865,000.
Backstory
Trump, a billionaire himself with an estimated fortune of $6.1 billion, has swiftly filled his Cabinet since his election win, favoring wealthy nominees and Wall Street executives, a trend that continued from his first term when historians stated his Cabinet was the wealthiest in history. The media has been dominated by some of his more divisive nominations, including his initial pick for attorney general, former Rep. Matt Gaetz, R-Fla., who withdrew due to a growing sexual misconduct scandal (Gaetz denies the allegations). Trump's pick for Defense secretary, Pete Hegseth, is also in jeopardy after a 2017 sexual assault allegation against him was disclosed, along with more recent claims of alcohol abuse, all of which he has denied.
Additional Reading
Trump's Cabinet and Key Positions: Paul Atkins Picked for SEC Chief, Billionaire Jared Isaacman for NASA (Our Website)
Trumpverse: Ranking Trump's Inner Circle (Our Website)
Elon Musk and Vivek Ramaswamy have been tapped by President-elect Donald Trump to lead the Department of Efficient Governance, a new advisory panel focused on streamlining government operations and cutting regulations (Our Website valuation: $430.9 billion for Musk, $1 billion for Ramaswamy). Elon Musk's influence in Trump's inner circle is further highlighted by this appointment, particularly given his role as founder of Tesla and SpaceX.
Jared Isaacman, the founder and CEO of Shift4 Payments, has been appointed as the administrator of NASA by Donald Trump. In addition to his successful payment solutions company, Isaacman also founded defense firm Draken International, which was later bought by Blackstone for a significant sum (Our Website valuation: $1.8 billion). His appointment to NASA underscores Trump's continued engagement with successful business leaders in shaping government policy.
Linda McMahon, the former CEO of WWE, has been selected by Donald Trump to serve as Education secretary, pending Senate approval. Known for her role in transforming the entertainment industry and co-chairing Trump's transition team, McMahon brings substantial private-sector experience to the historic position (Our Website valuation: $3 billion for Linda McMahon and husband Vince McMahon). Her appointment demonstrates Trump's commitment to leveraging successful entrepreneurs to drive change within the government.
