All three major stock exchanges are enjoying big gains on Wednesday morning, following Republican Donald Trump’s victory on Election Day. Trump Media & Technology Group, home to the president-elect’s Truth Social app, and Tesla, Elon Musk’s car company, both climbed more than 9% in early trading.
Here’s the macro picture, about an hour into trading:
- Nasdaq is up 2.45%
- Dow 30 is up 3.30%
- S&P 500 is up 2.13%
Trump Media’s stock, which trades under Trump’s DJT initials on the Nasdaq, was up 9% about an hour into trading to $36.83 per share. The stock actually opened at north of $44 per share, but investors look to be taking some profits following a wild ride for the stock in recent months. Shares of the company, which reported $1 million in Q3 revenue on Tuesday, are up 92% in the past month, as investors bet on a Trump return to The White House.
Wednesday’s DJT increase pushed Trump’s share of the company up to $4.24 billion. (Trump owns 57.3% of all shares.)
Tesla, meanwhile, was up 11.5% on Wednesday morning to $280.36 per share. The electric car company is run by Musk, who has been Trump’s biggest celebrity backer in recent months. Musk spent part of Election Night with Trump at his Mar-a-Lago resort in Florida, after routinely championing the GOP nominee on X, the social platform he owns, and in person lately.
The world’s richest man also put a lot of money into getting Trump back into the White House. Musk reported last month he’d donated $75 million to America PAC, his pro-Trump political action committee; the New York Times on Tuesday reported Musk’s donations have since reached $119 million.
Musk, according to Forbes’ real-time billionaires tracker, added $17 billion to his net worth, on paper at least, on Wednesday morning. He is now worth $281.8 billion.
Another beneficiary of Trump’s victory? The New York Times, which saw its share price increase 4.17% in early trading to $55.47 per share.
And Bitcoin raced to a new all-time high north of $74,000 late on Election Night night; on Wednesday morning, those gains were holding, with bitcoin up about 7% in the past 24 hours. Trump, while on the campaign trail, made several pro-bitcoin and pro-cryptocurrency remarks.
