The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

World News

Tesla, Bitcoin and Truth Social boom in election aftermath

by admin November 8, 2024
November 8, 2024
Tesla, Bitcoin and Truth Social boom in election aftermath

The value of assets tied to Donald Trump — and those likely to benefit under his administration — surged in the wake of his decisive electoral victory on Tuesday.

Leading the way was Trump Media and Technology Group, the company that owns the Truth Social media platform. Its stock closed up 6% in Wednesday trading. Trump is the majority owner of the company.

Shares of Tesla, the electric automaker owned by Elon Musk, also rose sizably — up 15%. Musk was heavily involved in promoting Trump’s campaign, and the president-elect has indicated he would appoint Musk, the world’s richest person, to a Cabinet-level position tasked with tackling perceived government waste.

And the price of bitcoin increased 9%, touching an all-time-high of nearly than $76,000. Cryptocurrencies and companies in the crypto space generally had broad gains Wednesday.

Trump has promised to reduce government oversight of the cryptocurrency industry, which provided a steady stream of funds to his campaign, and to a lesser extent his Democratic rival, Vice President Kamala Harris, throughout the presidential race. Trump served as keynote speaker at this year’s annual Bitcoin conference in Nashville.

In a note to clients Wednesday, Isaac Boltansky, managing director and director of policy research at BTIG, a financial services firm, noted several other sectors are likely to benefit from a second Trump presidency, including private prisons, fossil fuel, nuclear and clean coal, defense industry firms and online consumer finance firms that may have otherwise been subject to close regulatory scrutiny.

Trump has generally pledged to extend or enact major tax cuts while loosening regulations, something that the business community is set to embrace. Stocks across the board rose Wednesday in anticipation of stronger economic growth.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Election Aftermath: Unleashing Profitable Small Cap Stocks
next post
Warner Bros. Discovery adds 7.2 million Max subscribers, the streamer’s largest single-quarter jump

Related Posts

Microsoft reveals its first quantum computing chip, the...

February 21, 2025

Netflix ad-supported tier has 40 million monthly users,...

May 17, 2024

Hiring stays strong for low earners — while...

June 1, 2024

McDonald’s preparing a 2025 ‘McValue’ offering

November 22, 2024

Elon Musk, Tesla, Warner Bros. Discovery sued over...

October 23, 2024

Oil executives bluntly criticize Trump tariffs and ‘drill,...

March 28, 2025

Robinhood app says SEC dismissed crypto investigation in...

February 25, 2025

Denny’s set to close dozens more locations this...

February 16, 2025

Google lays off hundreds of ‘Core’ employees, moves...

May 3, 2024

Baltimore businesses see bridge fallout as a hurdle...

April 7, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Apple reveals complex system of App Store fees to avoid E.U. fine of 500 million euros

      June 30, 2025
    • Breakdown of NVDA’s Stock Price and S&P 500: Actionable Technical Insights

      June 30, 2025
    • Thom Tillis announces retirement from Senate after clash with Trump

      June 30, 2025
    • SCOOP: House Republican eyes bid for Thom Tillis Senate seat after Trump attack

      June 30, 2025
    • Dem delay tactic ends, debate begins on Trump’s ‘big, beautiful bill’

      June 30, 2025
    • GOP, Dem senators remain divided over Medicaid after Trump’s ‘big, beautiful bill’ vote

      June 30, 2025

    Categories

    • Business (1,272)
    • Politics (3,873)
    • Stocks (1,477)
    • Uncategorized (45)
    • World News (1,265)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved