​Who is Scott Bessent? The gay banker and Trump’s tariff king who beat up Elon Musk

Scott Bessent, Trump’s Treasury Secretary and a former Wall Street heavyweight, is making headlines not for fiscal policy but for a physical fight. In April 2025, during a tense Oval Office meeting about appointing an IRS commissioner, Bessent reportedly called Elon Musk a “total fraud.”

According to Steve Bannon, Musk reacted by slamming his shoulder into Bessent’s rib cage “like a rugby player.” Bessent allegedly struck back. The confrontation stunned White House staff and led to Musk’s removal from the West Wing. The clash marks a dramatic escalation in the power struggle within Trump’s inner circle and deepens the Musk-Bessent feud.

Scott Besset’s Wall Street beginnings and billion-dollar bets with Soros fund

After graduating from Yale in 1984, Scott Bessent launched his financial career and rose to prominence at Soros Fund Management.

He helped lead the firm's London office and played a key role in making a $1 billion profit on Black Wednesday in 1992. In 2013, he scored another massive victory, generating $1.2 billion in profits betting against the Japanese yen. By 2015, he established his own hedge fund, Key Square Group, cementing his status as a financial heavyweight.

Political shift from Democratic supporter to MAGA movement insider

Bessent was once a reliable donor to Democratic causes. He hosted a fundraiser for Al Gore in 2000, donated to John McCain and Barack Obama, and gave $25,000 to Hillary Clinton’s campaign in 2013.

However, after Trump’s election in 2016, Bessent became one of his biggest supporters, donating millions and eventually advising the 2024 campaign. His influence grew as he helped develop Trump's economic agenda and organized high-dollar fundraisers across the country.

Historic appointment as the first openly gay US Treasury Secretary

Sworn in on January 28, 2025, Bessent made history as the first openly gay person to serve as Treasury Secretary and the highest-ranking LGBTQ official in the history of the U.S.

government. While praised by some LGBTQ rights advocates, his appointment also drew criticism from former classmates at Yale, who accused him of enabling authoritarian tendencies within the administration. Bessent dismissed their concerns, calling the criticism “equal parts odd and sad.

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Personal conflict with Elon Musk over economic promises and power

Tensions between Bessent and Elon Musk escalated over Musk’s role as head of the Department of Government Efficiency. Bessent criticized Musk for failing to deliver promised spending cuts, accusing him of exaggeration and fraud.

According to Steve Bannon, this led to a physical altercation in the White House, with Musk allegedly attacking Bessent in frustration. The incident ended with Musk being escorted out and left a visible bruise that sparked speculation after a later press conference.

Leadership on tariffs and reshaping America’s trade strategy

Bessent took the lead in implementing President Trump’s sweeping tariffs in early 2025. He warned foreign governments against retaliation and insisted that short-term market drops would not derail the administration’s agenda.

Bessent also pushed for countries to scale back their ties with China as part of a broader effort to increase U.S. leverage in global trade. After initial backlash, he and Commerce Secretary Howard Lutnick persuaded Trump to pause several tariffs to avoid economic fallout.

The rise of a combative and unapologetic power broker in Washington

Scott Bessent is not just another financial technocrat. He has emerged as one of the most influential figures in Trump’s second term, combining policy leadership with a take-no-prisoners attitude. Whether rewriting global trade norms or standing his ground—literally—against Elon Musk, Bessent is carving out a legacy defined by boldness, loyalty, and confrontation.