The New Team
Trump's Team Is Stocked With Billionaires. Why the Super Rich Are Taking Over Washington
President-elect Donald Trump's administration is shaping up to be filled with super wealthy individuals, many of whom could directly benefit from being close to the center of power.Billionaire Elon Musk is spearheading a new advisory unit aimed at cutting government waste alongside biotech billionaire Vivek Ramaswamy, and there are at least 10 other billionaires nominated to top roles. At least six others have a net worth of $150 million or more, according to calculations by Bloomberg, Forbes, and ABC News.For the cabinet, billionaire Howard Lutnick, CEO of investment firm Cantor Fitzgerald, was nominated as commerce secretary; multimillionaire Scott Bessent, founder of the investment firm Key Square Capital Management, was nominated to lead Treasury; and Liberty Energy CEO Chris Wright, with a net worth of about $170 million, according to Bloomberg, may head the energy department.If confirmed, these and other super wealthy people -- many without government experience or a working unde
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