Trump Media & Technology Group Corp (NASDAQ:DJT) shares are soaring Wednesday morning after Donald Trump was elected the 47th president of the United States.
What Happened: Shares of Trump Media, the parent company of social media platform Truth Social, are surging Wednesday after Trump defeated Vice President Kamala Harris in the 2024 presidential race, driving several stocks expected to benefit under a Trump presidency higher.
Trump owns a majority stake in Trump Media & Technology Group, which has nearly tripled off the September lows as of the time of writing. Broader markets are also rising in early trading led by the Russell 2000 Index as investors expect U.S.-focused growth companies to benefit from potential lower taxes, per Reuters.
"The market believes a Trump presidency will unleash animal spirits and give a boost to growth in the short-term through some relief on corporate taxes and deregulation," Frédérique Carrier, head of investment strategy for RBC Wealth Management, reportedly said.
Some of the outsized gains on Wednesday may be due to optimism surrounding a potential Republican sweep. Republicans have won control of the U.S. Senate and the White House. The U.S. House of Representatives is still yet to be determined.
"If you look at historical playbook, a Republican sweep has been strong backdrop for the S&P 500 whereas a Republican presidency with a split Congress has given a more muted return," Carrier reportedly said.
Several Trump-linked stocks were moving Wednesday morning including Phunware Inc (NASDAQ:PHUN) and Rumble Inc (NASDAQ:RUM). Tesla Inc (NASDAQ:TSLA) shares were up more than 12% at last check as Tesla CEO Elon Musk has been a strong supporter of Trump throughout his campaign, and Trump has said he would put Musk in charge of a government efficiency commission.
Bitcoin (CRYPTO: BTC) also jumped to record highs Tuesday night as Trump has positioned himself a pro-crypto. He said earlier this year that he wanted all Bitcoin to be made in the U.S. Crypto-linked stocks like MicroStrategy Inc (NASDAQ:MSTR) and Coinbase Global Inc (NASDAQ:COIN) were moving significantly higher. Several Bitcoin mining stocks were also moving higher at last check.
DJT Price Action: Trump Media shares were up 30.3% at $44.22 at the time of publication, according to Benzinga Pro.
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