In the aftermath of Trump's triumph,Some of the Most Contemptible Individuals are Amassing Significant Wealth
In the aftermath of Trump's triumph,Some of the Most Contemptible Individuals are Amassing Significant Wealth
Donald Trump's victory in the presidency has led to significant growth in businesses linked to him and his associates. Financial reports indicate victors such as banks, cryptocurrency-related stocks, and private prison companies. These entities are known for their controversial roles in the financial sector.
On the night of the election, Trump Media & Technology Group experienced a significant dip in value as people waited for the election results. However, the stock rebounded dramatically the following day, with trading briefly halted due to the stock's rapid rise. By November 3, the stock had hit a low of $32.80 per share.
Once the news of Trump's re-entry into the White House was announced, DJT saw a surge in value, increasing by 10% in after-hours trading on Tuesday night. As of now, the stock is trading at around $42 a share, up approximately 8% from its initial price.
The cryptocurrency market also benefited from Trump's election. Bitcoin reached a new all-time high of $73,737, representing an almost 10% increase. Ether, Solana, and other cryptocurrencies followed suit. Trump, alongside his son Barron, has a favorable view towards cryptocurrencies and even accepted millions in crypto donations during his campaign. Trump publicly declared his intention to make America the "crypto capital of the planet."
Elon Musk has also witnessed substantial rewards from Trump's victory. Tesla stocks have seen a steady rise throughout the morning, with a 15% increase as of now. Musk's support for Trump became apparent following an attempt on the president-elect's life during the summer. Musk made a substantial investment in Trump's victory, and it appears that his bet is already paying off. Besides a surging stock price, Musk is expected to play a significant role in the White House, potentially responsible for cutting government spending.
Private prisons also saw substantial growth in stock prices following Trump's victory. GEO Group experienced a staggering 26% increase, while CoreCivic, previously known as Corrections Corporation of America, witnessed a 20% increase. These gains can be attributed to one of Trump's major campaign promises: the mass deportation of undocumented immigrants. Such a program would require significant infrastructure, including detention camps, which offer ample opportunities for private prison companies to make substantial profits.
Overall, the stock market has responded favorably to Trump's victory. The dollar, U.S. Treasury bond yields, and the S&P 500 are all showing signs of growth. However, the longevity of these gains remains uncertain. Even Elon Musk has voiced his concerns about the potential negative impact of Trump's policies on the U.S. economy.
In the realm of future technological advancements, Trump's favorable stance towards cryptocurrencies could shape the digital currency market significantly. His support and public declarations, such as making America the "crypto capital of the planet," could potentially attract more investment and innovation in this sector.
In the context of the tech industry, Elon Musk's investment in Trump's victory and his expected role in the White House could bring about significant changes. His involvement could potentially lead to policies that favor tech companies, including SpaceX and Tesla, contributing to further growth in the tech sector.