Trump Appointee Howard Lutnick Is A Billionaire—See His Net Worth and Businesses | Global News Avenue

President-elect Trump’s Howard Lutnick Appointee of the Secretary of Commerce, The billionaire businessman is the chairman and CEO of Cantor Fitzgerald, a Wall Street financial services company.

If confirmed by the Senate, Lutnick will serve as head of the Commerce Department, responsible for overseeing U.S. job growth and economic development. Lutnick serves as co-chair of the Trump White House transition team along with former WWE co-founder and CEO Linda McMahon.

Lutnick’s net worth is estimated to be $2 billion Celebrity Net Worth. Here’s how Lutnick made his billions.

Cantor Fitzgerald

Much of Lutnick’s wealth comes from his stake in financial services company Cantor Fitzgerald. Lutnick joined the company in 1983 and became president and CEO in 1991. He was appointed Chairman of Cantor Fitzgerald in 1996. According to a 2018 article, Lutnick owns an estimated 60% of Cantor Fitzgerald Bloomberg.

During the September 11 terrorist attacks, American Airlines Flight 11 crashed into the World Trade Center a few floors from the company’s offices, killing more than 650 Cantor Fitzgerald employees. Lutnick’s brother, Gary Lutnick, was one of the employees killed that day.

After the attack, Lutnick rebuilt the company and launched the Cantor Fitzgerald Relief Fund, which donated $180 million over five years and provided financial aid to deceased Cantor employees for more than 10 years. Medical insurance is provided for dependents.

Cantor also holds a stake in listed financial services company BGC Group, which was originally part of Cantor Fitzgerald before becoming its own entity in 2004. Lutnick led the merger of BGC with electronic trading platform eSpeed, which formed BGC Partners, Inc. Acquired Newmark, a commercial real estate services company that went public in 2017.