U.S. commerce secretary family’s wealth doubles on indirect Tether stake: Forbes

The family wealth of U.S. Commerce Secretary Howard Lutnick has more than doubled since he joined the Trump administration, reaching an estimated $7.3 billion, Forbes reported. The increase was driven by a sharp rise in the value of an indirect stake in Tether, the issuer of the world’s largest stablecoin, USDT. Before taking office as commerce secretary, Lutnick held a 55% stake in Cantor Fitzgerald, which owns a stake in Tether. Forbes estimated the value of Lutnick’s former Cantor Fitzgerald stake at about $5.4 billion, more than tripling from $1.7 billion in early 2025. When Lutnick joined the Trump administration, he stepped down as Cantor Fitzgerald CEO and transferred the stake to a trust for his children, which is now managed by his second son, Brandon Lutnick.