Trump Media, Tesla Inc shares zoom up to 30% as former US President wins second term

Shares of Donald Trump's media company, Trump Media & Technology Group, and Tesla Inc have skyrocketed in pre-market trading session today. Trump Media spiked 30 per cent after the 78-year-old was elected US president for the second time. Trump owns around 57 per cent of Trump Media, which trades under the ticker DJT.

Last checked, Tesla's stock jumped around 15 per cent. The US-based company's chief executive Elon Musk has promoted the former president throughout his electoral campaign. If re-elected, Trump has promised to make Musk head of a government efficiency commission.

Meanwhile, the S&P 500 futures hit an all-time high and futures tied to the small-cap Russell 2000 index surged nearly 6 per cent on bets that US-focused companies would benefit from business incentives and tariffs that favor domestic production.

Republicans took control of the Senate, while neither party appeared to have an edge in the fight for control of the House of Representative.

Wall Street lenders JPMorgan Chase, Bank of America and Wells Fargo jumped between 5 per cent and 6 per cent.

In addition, Trump, who has positioned himself as pro-cryptocurrency, lifted bitcoin to a record high.

In a self-declared win, Trump delivered a rousing address to supporters even as final results remain unconfirmed in some states. Taking a moment during his speech, Trump singled out billionaire Musk, calling him "an amazing guy" and "a new star" in American politics.

"We have a new star, a star is born: Elon," Trump said to a crowd of supporters. "He's an amazing guy. We were sitting together tonight. You know, he spent two weeks in Philadelphia, in different parts of Pennsylvania, campaigning."

The former president recounted watching a recent SpaceX launch, marvelling at Musk's achievements: "Only Elon can do this. That's why I love you, Elon," he remarked.

As of November 6, Trump's net worth saw a recent decrease of $45.9 million, or a dip of 1.5 per cent. However, his year-to-date (YTD) change remains impressive, with an increase of $3.4 billion, marking a 110 per cent growth.

His largest asset is his stake in DJT US Equity (Trump Media). Trump's wealth is primarily tied to the real estate industry, and he remains a prominent figure in the United States financial landscape.

In total, Trump’s wealth spans real estate, digital assets, royalties, and investments, but also faces financial challenges with ongoing legal liabilities.