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Business & Economy
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Business & Economy
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The billionaires stocking Trump’s next administration
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President-elect Trump made headlines when he tapped Elon Musk, the richest person in the world, to co-lead the “Department of Government Efficiency” — but he’s just one of several billionaires named to top roles in the next administration.
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Here are a few of the other billionaires selected for roles by Trump:
Vivek Ramaswamy: At 39 years old, he is worth $1 billion and is one of the 20 youngest billionaires in the U.S. The biotech entrepreneur founded pharmaceutical company Roivant Sciences in 2014 and it went public in 2021. He stepped down as CEO of Roivant in 2021 when he first turned to politics.
Scott Bessent: Trump appointed Bessent to be Treasury secretary, a role other major businessmen were jockeying for. Bessent, if confirmed by the Senate, would lead Trump’s economic team, including being responsible for imposing his aggressive tariff and tax plans.
Howard Lutnick: The co-chair for Trump’s transition team was picked for Commerce secretary after angling for the Treasury top job. Lutnick is worth more than $1.5 billion. He is the CEO of Cantor Fitzgerald and gained national prominence for overseeing the company’s response following the 9/11 attacks that killed more than 600 of its employees working inside the World Trade Center in New York.
Linda McMahon: Picked by the president-elect to lead the Education Department, McMahon co-founded World Wrestling Entertainment with her husband, Vince McMahon, who has a net worth of $3 billion. The couple was accused in a lawsuit in October of knowing about a ringside announcer who allegedly abused young boys for years and doing nothing about it.
The Hill’s Alex Gangitano has more here.
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Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Did someone forward you this newsletter? Subscribe here.
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Key business and economic news with implications this week and beyond:
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Bipartisan lawmakers call on FTC to investigate FanDuel, DraftKings
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Sens. Mike Lee (R-Utah) and Peter Welch (D-Vt.) sent a joint letter to the Federal Trade Commission (FTC) and Justice Department on Friday urging lawmakers to investigate the actions of FanDuel and DraftKings.
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What we learned about the money fueling the final stretch of the election
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New campaign finance disclosures filed late Thursday and early Friday shed fresh light on how big money, big donors and big expectations shaped the final stretch of the 2024 presidential race.
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US adds 227,000 jobs in November, rebounds from October slump
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The U.S. job market rebounded in November after a major slowdown, according to data released Friday by the Labor Department.
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Melania Trump sells Christmas ornaments during Fox News appearance
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Melania Trump — set to return to the White House in January as first lady — showcased her new Christmas ornament collection during a recent appearance on Fox News.
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The Hill’s Evening Report breaks down the day’s big political stories and looks ahead to tomorrow. Click here to sign up & get it in your inbox
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Upcoming news themes and events we’re watching:
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- The consumer price index for November comes out Wednesday morning at 8:30 a.m. ET.
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Branch out with more stories from the day:
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Stock market today: Wall Street hits more records following a just-right jobs report
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NEW YORK (AP) — U.S. stocks rose to records Friday after data suggested the job market remains solid …
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Business and economic news we’ve flagged from other outlets:
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- He Promised Huge Tax Refunds. Now Trump Wants Him to Lead the I.R.S. (The New York Times)
- GOP lawmakers try to draft DOGE leaders to their side of the spending war (Politico)
- Harris Stayed Silent On Khan Amid Probe Of Top Adviser’s Firm (The Lever)
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Top stories on The Hill right now:
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Millions will lose health coverage if ACA subsidies expire: CBO
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A new report released by the Congressional Budget Office (CBO) found that if the Affordable Care Act’s (ACA) extended subsidies are allowed to expire at the end of 2025, millions of people will become uninsured and premiums will rise. Read more
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Pete Hegseth’s lawyer threatens extortion lawsuit against accuser
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Pete Hegseth’s lawyer threatened an extortion lawsuit against his client’s sexual assault accuser if Hegseth is not confirmed as secretary of Defense. Read more
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Opinion related to business and economic issues submitted to The Hill:
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- President Biden is leaving Trump a shocking mess to clean up
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You’re all caught up. See you next week!
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