With Trump’s victory perceived as a positive outcome for the market, Tesla’s stock price hit a record high, increasing Elon Musk’s wealth by $20.9 billion, securing his position as the world’s richest person.

The "Big Seven Tech" stocks mostly showed gains, with Tesla closing up 14.75%. Musk’s net worth jumped by $20.9 billion to reach $285.6 billion, significantly surpassing Jeff Bezos, the second wealthiest person globally.

Data Source: uSMART SG

Musk has been a strong supporter of Trump. After Trump’s win, Musk joked, “No need to worry about going to a labor camp anymore.” Analysts suggest that Tesla, with Musk’s backing of Trump, will likely benefit greatly from Trump’s return to the White House.

In the early hours of November 6 local time, Trump announced his victory during a speech at the Palm Beach County Convention Center in Florida. During his speech, Trump mentioned Musk 11 times in just three minutes. Musk had previously spent over $132 million to support Trump’s campaign, possibly in hopes that the new administration will ease regulatory oversight on Tesla, particularly regarding autonomous driving technology.

In her concession speech at Howard University, Harris stated, “We must accept the election results,” and pledged a peaceful transfer of power. As per the schedule, Harris, as the Senate’s ceremonial president, will oversee the Electoral College vote on January 6 and officially declare Trump the 47th president of the United States.

On Wednesday, Tesla led the U.S. stock market with a 14.75% increase, trading at $46.52 billion. Driven by the news of Trump’s victory in the U.S. presidential election, Tesla’s stock surged. According to Forbes’ Billionaire Index, the jump in Tesla’s stock increased Musk’s net worth by $20.9 billion in a single day, bringing his total assets to $285.6 billion, well above Jeff Bezos.

The second most-traded stock, NVIDIA, rose by 4.07%, with a trading volume of $34.55 billion. At Wednesday’s close, NVIDIA’s market cap surpassed $357 billion, further solidifying its position as the world’s largest company by market cap.

Amazon took third place, closing up 3.80% with a record-high stock price and $14.679 billion in trading volume. Amazon founder and executive chairman Jeff Bezos celebrated Trump’s victory in a post on X, calling it an “extraordinary political comeback and decisive win.”

Apple was the fourth most-traded stock, though it fell by 0.33% with $12.159 billion in trades. Reports indicate that the European Commission, under the Digital Markets Act (DMA), plans to issue its first fine against Apple, possibly reaching €1.8 billion (around ¥13.9 billion), citing that Apple’s policies prevented app developers from directing users to non-Apple payment options, limiting access to better prices. This penalty may be finalized within the month.

Microsoft came in fifth, gaining 2.12% with $11.066 billion in trades.

Seventh place went to the cryptocurrency exchange platform Coinbase Global, which surged by 31.11%, with $8.429 billion in trades. Following Trump’s win, Bitcoin, seen as a “Trump trade,” reached a record high of $75,000 per coin, an increase of over 8%. Investors are anticipating that the Trump administration will support digital assets.

The Trump Media & Technology Group took eighth place, rising by 5.94% with a trading volume of $6.751 billion. The company saw a sharp increase in stock price after Trump’s victory, with shares spiking over 24% early Wednesday before rapidly narrowing, temporarily halted due to volatility. After resuming trading, the stock’s gains gradually receded. Year-to-date, the stock remains down over 49%.

Ninth place went to MicroStrategy, which rose by 13.17% with a trading volume of $6.635 billion. U.S. cryptocurrency stocks surged on Wednesday, driven by market expectations that the Trump administration will back digital assets.

Eli Lilly ranked tenth, with a 3.68% drop and a trading volume of $6.304 billion. The Danish pharmaceutical giant Novo Nordisk outperformed expectations with third-quarter sales of its weight-loss drug Wegovy, while Eli Lilly’s similar product reported weaker sales for the quarter.

How to trade investments on uSMART:

After logging into uSMART SG APP, click "Search" from the upper right corner of the page, enter the target code, such as "TSM", and enter the details page to learn about transaction details and historical trends. Click "Trade" in the lower right corner and select "Buy/Sell" "Send" function, finally fill in the transaction conditions and send the order; the image operation instructions are as follows:

Source: uSMART SG

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