President-elect Donald Trump has chosen hedge fund magnate Scott Bessent as the next treasury secretary, according to four sources who spoke to The Post. This decision concludes a tumultuous selection process that saw intense competition among influential figures on Wall Street.

Bessent received the final approval during a meeting with Trump at his Mar-a-Lago resort in Palm Beach, Fla., a source close to the situation revealed to The Post. Amid a flurry of last-minute media reports suggesting various candidates, the Wall Street Journal reported that financier Kevin Warsh had discussed the Treasury post with Trump on Wednesday, potentially as a replacement for Jerome Powell when his term ends in 2026.

Trump also met with Marc Rowan, the billionaire head of buyout firm Apollo Global Management, earlier this week at Mar-a-Lago. Bessent, the 62-year-old founder of Key Square Group, has consistently supported the president-elect's pro-tariff stance through numerous op-eds and media appearances over the past year.

A source close to the Trump transition team confirmed to The Post that Bessent was being considered for the role. "If you need a brilliant and loyal individual for the job, Scott is the perfect choice," said a source familiar with the situation.

A faction within Trump's inner circle had been advocating for Bessent for weeks, attempting to outmaneuver Howard Lutnick, CEO of Cantor Fitzgerald and co-chair of Trump's transition team, in what had reportedly become a fierce battle for the position. Lutnick, who had supported Hillary Clinton in the 2016 election, was eventually appointed as Commerce Secretary to ease tensions.

After Lutnick withdrew from the Treasury race, Trump continued to interview candidates. Both Bessent and Rowan were seen at the private members club on Wednesday. "All top investors and hedge funds favor Scott Bessent due to his deep understanding of macroeconomics," said a veteran Wall Street insider.

However, a source briefed on Rowan's interview noted that the 62-year-old was opposed to tariffs, which was a deal-breaker for the president.

Another prominent Trump supporter and major donor, billionaire hedge fund manager John Paulson, withdrew from the race just a week after the election. Bessent, a native of South Carolina, previously served as chief investment officer for George Soros and played a key role in Soros' "Black Wednesday" trade in 1992, which earned Soros a staggering $1 billion and cemented his status as a financial giant.

In an op-ed for the Wall Street Journal, Bessent expressed optimism about Trump's second term, predicting a revitalized economy for all Americans. He criticized the Biden-Harris administration for its "reckless spending," which has driven the national debt to an alarming $35 trillion this year.

Bessent emphasized that Trump has a mandate to re-privatize the U.S. economy through deregulation and tax reform, aiming to stimulate supply-side growth. With significant portions of Trump's 2017 tax cuts set to expire next year, Bessent has the opportunity to shape fiscal policy under the new administration.

Trump has already appointed Tesla's Elon Musk and GOP figure Vivek Ramaswamy to lead a new Department of Government Efficiency, aiming to streamline federal spending. Diana Glebova contributed to this report.

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