Apollo Global Management Inc. (NYSE:APO) shares traded lower on Wednesday following reports suggesting President-elect Donald Trump is considering Apollo CEO Marc Rowan for the role of Treasury Secretary. Here's what you need to know.
What To Know: According to Financial Times, Rowan, a private equity billionaire, is a top contender for the position and is scheduled to meet with Trump in Florida to discuss the role.
The Apollo CEO is reportedly being supported by several Wall Street figures who cite his extensive experience in financial markets. However, competition for the Treasury Secretary role remains strong, with hedge fund investor Scott Bessent and former Federal Reserve governor Kevin Warsh also under consideration.
Apollo Global Management oversees more than $700 billion in assets under management. A transition to a government role for Rowan could pose operational challenges for the company, but is reportedly considered manageable by Apollo insiders. The news has created uncertainty among investors, which turned into a selloff on Wednesday.
No official comments have been made by Apollo Global Management regarding Rowan's potential selection.
APO Price Action: Apollo shares closed Wednesday down 3.2% at $162.87, according to Benzinga Pro.
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