Investing.com – Shares of Trump Media & Technology Group Corp (NASDAQ:) rose more than 10% on Wednesday following the results of the 2024 US presidential election, with a victory for Donald Trump.
According to a recent regulatory filing, Trump owns nearly 57% of the parent company of the Truth Social platform. Trump Media went public in March after partnering with a special purpose acquisition vehicle Acquisition of the digital world Corp.
Like the U.S. dollar and the U.S. dollar, stock price movements in recent weeks roughly reflected investors’ expectations that Trump would win a second four-year term in the White House.
The numbers spiked in mid-July after a failed assassination attempt on Trump, but then fell in the wake of Kamala Harris replacing President Joe Biden as the Democratic Party nominee. But the stock price rose again as online prediction markets began showing Trump, the Republican Party nominee, maintaining a significant lead over Harris.
Overall, Trump’s victory and the election results have resulted in a boost for stocks, with stocks currently up 2%, up 3.1% and the Nasdaq up 2.4%. Following the victory, several analysts released notes outlining the impact of Trump’s policies on various stocks and sectors.
Citi analysts said in a note that they see a favorable near-term environment for retail stocks after the election, noting that the U.S. consumer has generally been resilient to presidential changes and surprises.
Meanwhile, trading platform Tradu said the EV market and renewable energy sector “could be one of the main losers of a new Trump presidency as he has pledged to dismantle the current administration’s green energy policies.”
