Former Fox member Duffy becomes Minister of Transportation
Nomination of person supported by Musk failed
Market fluctuations due to Trump-Musk actions
Cryptocurrency exchange – Tesla stock price rises
While U.S. President-elect Donald Trump is announcing appointments for the second Trump administration every day, he nominated former Congressman Sean Duffy (53) as the next Secretary of Transportation. He worked as a host on Fox Business until recently, and became the second Fox host-turned-minister to be nominated, following Pete Hegseth, who was nominated as Secretary of Defense. In addition, the Wall Street Journal (WSJ) said, “President-elect Trump will meet with Brian Armstrong, CEO of the virtual currency exchange platform ‘Coinbase,’” and “the two will consider the head of the Bitcoin and virtual currency presidential advisory committee.” “It was reported.
Meanwhile, the actions of President-elect Trump and Tesla CEO Elon Musk, who has recently been referred to as the so-called ‘co-president’, are causing a big stir in the market. However, there is also an analysis that the conflict between President-elect Trump’s associates is intensifying as the transportation secretary candidate whom Musk publicly supported was defeated by former lawmaker Duffy.
● Another Fox nomination… Is it beneficial for Musk?
According to the New York Times (NYT), former Congressman Duffy, who was nominated as Transportation Secretary on this day, is a former broadcaster, but is evaluated as having comparatively better work capabilities compared to other nominees. A former district attorney in Wisconsin, he reportedly served as a Republican federal representative in Wisconsin from 2011 to 2019 before resigning to take care of his daughter with a congenital disease. Since 2020, he has been working as a political analyst at Fox News and as a co-host of the Fox Business TV show ‘The Bottom Line’ since last year. He has nine children with his spouse, who is also a Fox News host.
“Sean understands how important it is for families to travel safely and securely,” President-elect Trump said in a statement. “He has the experience needed to lead the Department of Transportation’s annual budget of more than $100 billion and its vast workforce. “He commented.
Locally, attention is being paid to the fact that the fields that former lawmaker Duffy will oversee, such as aviation, automobiles, and railroads, have close interests at stake with the businesses of Musk, who became President-elect Trump’s closest confidant after the presidential election.
However, Musk initially publicly supported Emil Michael, a former executive of ride-sharing service Uber, as transportation secretary. Some analysts say that the recent controversy over Musk’s “exceeding authority” may have had an impact on the transportation minister’s appointment.
Axios, a U.S. political media outlet, reported, “Conflicts have emerged between Musk and former legal advisor Boris Epstein, a long-time advisor to President-elect Trump, over the selection of Attorney General nominee Matt Gates.” According to Axios, on the 13th, at a dinner party at the Mar-a-Lago Resort, the couple’s residence in Florida, the two got into a big argument over recent appointments and responsibility for leaking related information to the media. Former advisor Epstein is a close associate who has been by President-elect Trump’s side since his first presidential bid in 2016. Accordingly, there is an analysis that there appears to be a ‘secret power struggle’ taking place between Musk, who has recently emerged as a rising power, and former Epstein advisor, who is trying to maintain his influence.
● Market fluctuations in real time due to Trump-Musk actions
Separately from this, the big and small actions of President-elect Trump and Musk are having a significant impact on the market every day. The British Financial Times (FT) reported, “Trump Media, of which President-elect Trump is the majority shareholder, is considering acquiring the virtual currency exchange Bakkt.” After the report, Bakkt’s stock price jumped 162.5%, and Trump Media also rose 16.7%.
Tesla’s stock price continues to show good news. Citing a source, Bloomberg News reported that “President-elect Trump’s transition team will pursue reform of regulations on fully autonomous vehicles as a top priority for the Department of Transportation.” Accordingly, Tesla’s stock price, which is developing self-driving taxis, rose 5.6%. On the other hand, Uber and Lyft fell 5.4% and 4.5%, respectively, reflecting concerns that their marketability will fall behind Tesla’s self-driving taxis.
New York = Correspondent Lim Woo-sun [email protected]
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Hot news now
How might Sean Duffy’s nomination impact the relationship between Trump and Elon Musk?
The article discusses the nomination of former Congressman Sean Duffy as Transportation Secretary in President-elect Trump’s upcoming administration. Duffy is highlighted for his experience as a Republican federal representative from Wisconsin from 2011 to 2019 and his background as a former district attorney. He resigned from Congress to care for his daughter who has a congenital disease and has since worked as a political analyst at Fox News.
President-elect Trump emphasized Duffy’s understanding of the importance of safe family travel and his capability to manage the Department of Transportation’s substantial budget and workforce. The article notes that Duffy will have oversight over critical sectors like aviation, automobiles, and railroads, which intersect with businesses associated with Elon Musk, a close advisor to Trump.
Despite Musk’s earlier support for Emil Michael, a former Uber executive, analysts suggest that recent controversies surrounding Musk may have influenced Duffy’s appointment. There seems to be a power struggle between Musk and Trump advisor Boris Epstein over key nominations, indicating internal conflicts within Trump’s team.
The article also touches on market reactions linked to Trump and Musk’s decisions, highlighting significant stock price movements for companies like Bakkt and Tesla, with Tesla benefiting from anticipated regulatory reforms on autonomous vehicles. In contrast, competitors like Uber and Lyft faced declines in their stock prices.
the piece captures the dynamics of the nomination process, the interplay of political influences, and the broader economic implications tied to Trump and Musk’s actions.