Commerce Secretary Howard Lutnick has a message for people looking to combat attacks on Elon Musk's Tesla dealerships: Buy Tesla stock.
Tesla shares fell early today after Commerce Secretary Howard Lutnick used a TV appearance to urge Americans to buy stock in Elon Musk's car company.
-- Axios (@axios.com) March 20, 2025 at 9:15 AM
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Howie Lutnik hawking Tesla stock? Hmmmmmm ...
Lutnick may have stood to gain personally from his appearance, as well: the financial firm he founded, Cantor Fitzgerald, had nearly $300 million in Tesla shares on its books as of the end of last year, according to recent filing.
"Reports and subsequent speculation regarding significant proprietary positions by our firm were completely false," a Cantor Fitzgerald spokeswoman said after this article was published. "These filings arose from either hedging customer transactions or routine market making activity."
Lutnick told lawmakers during his Jan. 29 confirmation hearing that he would sell all of his holdings within 90 days of that date. The document that would accompany such a divestiture doesn't yet appear on the U.S. Office of Government Ethics website.
Lutnick vowed in the ethics agreement he submitted during his nomination that he wouldn't "participate personally and substantially in any particular matter" that could impact Cantor Fitzgerald's finances.
www.barrons.com
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