During a March 19 national television appearance, billionaire Trump Commerce Secretary and “close” Elon Musk associate, Howard Lutnick, urged the public to “buy Tesla” stock -- a glaring ethics violation in light of government watchdog Accountable.US’ new analysis finding that Lutnick’s family-run financial services firm Cantor Fitzgerald reported holding nearly $840 million in Tesla Inc. in its most recent holdings report. Conveniently, Lutnick’s appeal to would-be average investors came on the same day Cantor Fitzgerald analysts upgraded Tesla to a “buy” rating.
“This is what abuse of power for personal and family gain looks like,” said Accountable.US Executive Director Tony Carrk. “When the billionaire Commerce Secretary used the Trump administration bully pulpit to try to rocket Tesla stock value, he conveniently forgot to mention his family business empire holds nearly $840 million in the company. While Secretary Lutnick is busy making TV appearances in a government capacity to potentially enrich his family business and his close ally Elon Musk, the rollercoaster Trump tariff policies he helped orchestrate are doing little to lower costs for working people – in fact quite the opposite.”
Accountable.US has previously documented billions of dollars of interests Cantor Fitzgerald is involved in that could directly benefit from his role as Commerce Secretary. While Lutnick has claimed he would divest from his business empire upon becoming Commerce Secretary, nearly two dozen of his associates have stated that his “grip on his various businesses is bolted tight” and “his knot of conflicts is unlikely to loosen easily.” After his confirmation, Lutnick then gave “control” of his businesses to his two 20-something-year-old sons.
This content originally appeared on Common Dreams and was authored by Newswire Editor.
Newswire Editor | Radio Free (2025-03-20T19:39:37+00:00) Ethically Challenged Commerce Sec. Lutnick Tells National TV Audience to Buy Tesla Stock As His Family Business Apparently Holds ~$840M In Tesla. Retrieved from https://www.radiofree.org/2025/03/20/ethically-challenged-commerce-sec-lutnick-tells-national-tv-audience-to-buy-tesla-stock-as-his-family-business-apparently-holds-840m-in-tesla/
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