The stock of “Trump Media & Technology Group” saw a significant increase of 31.67%, reaching $44.69, following Donald Trump’s announcement of his victory in the presidential election over opponent Kamala Harris. This boost raised the company’s market value to $6.8 billion. The stock surge coincided with increased bets on Trump’s victory, with the company’s stock climbing nearly 120% over the past month, viewed as strong support for his return to the White House.
Trump holds a 57.3% stake in the company, whose stock is often more influenced by political news and signals than financial performance. The company recorded revenue of just $1.6 million in the first six months of 2024, a fraction compared to the billions generated by other companies in the field.
On the other hand, the shares of the company “Tesla” headed by Elon Musk jumped by 14.53% to 287.9 dollars after his support for Trump in the presidential election. Musk allocated a million dollars a day to support Trump, and founded the “americabac ” committee to mobilize and register supportive voters. This support has increased Musk’s wealth today by 4.8 billion dollars to 264.7 billion, which keeps him at the top of the Forbes Rich List
In turn, Trump hinted at his intention to appoint Musk to oversee radical government reforms in the event of his victory, talking about a plan to form a government efficiency committee headed by Musk to review government spending and develop Federal performance
