TechFlow news — On November 23, according to Bloomberg, Trump has nominated Scott Bessent, manager of the macro hedge fund Key Square Group, to serve as the next U.S. Treasury Secretary, while also appointing a key advisor to manage the comprehensive economic agenda he vows to implement during his second term.
If confirmed by the U.S. Senate, Scott Bessent would become the first openly gay Treasury Secretary in American history and one of the wealthiest in modern times. Bessent has said he has always wanted to serve his country, but in the 1980s, his sexual orientation prevented him from entering the U.S. Naval Academy, and after graduating from Yale, he was unable to join the State Department. As the nation’s top economic policymaker, Bessent would face political battles in Washington, lead international economic diplomacy, and apply Wall Street expertise to crisis management. He will also be closely watched by investors and financial institutions seeking economic predictability and stability.
Scott Bessent previously managed funds for billionaire George Soros. During Bessent's tenure as chief investment officer, Soros’s family office earned approximately $10 billion with an annualized return of about 13%. Subsequently, he launched Key Square, which was initially funded with $2 billion from Soros, though he later returned that capital as other investors joined.
