US Commerce Secretary Lutnick disclosed more than $250 million in income — CNBC
US Commerce Secretary Howard Lutnick reported at least $250 million in income and other proceeds for 2025 in his annual financial disclosure. A significant portion of these funds is connected to financial companies where he left executive positions after joining President Donald Trump’s administration, CNBC reports.
Payment from Cantor Fitzgerald
The largest item in the disclosure was a $192 million payment from Cantor Fitzgerald, a global financial services company that Lutnick led for decades. The document describes this sum as a tax payment made under an ethics agreement the official signed before taking office.
The 74-page disclosure, which CNBC obtained from the US Office of Government Ethics, contains information about Lutnick’s finances during his first year in government. At the same time, because federal disclosures report the value of many assets in broad ranges, the document does not allow for an accurate assessment of his wealth.
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Asset sales and new investments
Lutnick also reported $4.2 million in salary and bonuses from Newmark, a commercial real estate services company, as well as $19.6 million from exchanging Newmark partnership units. From BGC Group, he disclosed $14.1 million in salary and bonuses and more than $5 million in restricted stock.
After being confirmed in February 2025, Lutnick left executive roles at Cantor, BGC, Newmark, and hundreds of other organizations. According to CNBC’s calculations based on the disclosure, during the year he sold at least $259 million in assets, including stakes in Newmark, BGC, Cantor Fitzgerald, and CF Group Management worth more than $50 million each.
At the same time, the official reported purchasing at least $166 million in assets, primarily Treasury and broad-market funds. Among other things, he bought more than $50 million in an exchange-traded fund tracking the S&P 500 index and twice purchased shares of a Fidelity Treasury fund for amounts exceeding $50 million. The disclosure also lists about 40 active outside positions, mostly related to trusts, real estate management companies, and other limited liability companies.
