Assets linked to Donald Trump and likely to benefit under his administration are soaring in value following Tuesday’s decisive presidential election victory.
Spearheading it is Trump Media and Technology Group, which owns the Truth social media platform. The company’s shares rose 3.5% in early trading Wednesday. Trump is the majority owner of the company.
Shares of Tesla, the electric car maker owned by Elon Musk, also rose significantly, rising 14%. Mr. Musk has been deeply involved in promoting Mr. Trump’s election campaign, and the president-elect has indicated that he intends to appoint Mr. Musk, the world’s richest man, to a Cabinet-level position to tackle what he sees as government waste. Showed.
Finally, the price of Bitcoin rose 8.5% to reach an all-time high of over $75,000. Cryptocurrency and companies in the crypto space posted gains across the board.
Trump has promised to reduce government oversight of the cryptocurrency industry, which provided a steady flow of money to his campaign throughout the presidential campaign, and to a lesser extent his Democratic rival, Vice President Kamala Harris. did. Trump was the keynote speaker at this year’s Bitcoin Annual Conference in Nashville.
Isaac Boltanski, managing director and director of policy research at financial services firm BTIG, said in a note to clients on Wednesday that several other sectors, including private prisons, fossil fuels, nuclear power and clean coal, will be in the second phase. He pointed out that it is likely to benefit from President Trump. , defense industry companies, and online consumer finance companies that might otherwise have been subject to intense regulatory scrutiny.
President Trump has generally promised to extend or enact large tax cuts while loosening regulations, and the business community is expected to accept. Stock prices rose across the board on Wednesday on expectations for stable economic growth.
