US stocks including Tesla and Trump Media rally following the presidential election

Trump’s return to the US presidency has led to a positive reaction in the stock market. The investors have anticipated the policies to lower corporate taxes, deregulations, and tariffs that are favorable under the new administrations.

Trump’s promise to make Elon Musk the head of the Efficiency Commission is becoming a reality now. This promise has brought more interest of investors towards Musk-owned Tesla increasing its stock price by 14.7%.

TMTG, Trump Media and Technology Group owned by Trump also saw an increase of 24% in its stocks before the trading halt. Investors’ enthusiasm about Trump’s win overlooked that the recent report of the company shows $1 million in revenue which is pretty low for a social media company.

Head of investment strategy for RBC Wealth Management, Frédérique Carrier in the British Isles and Asia said “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”.