Donald Trump's victory in the presidential election boosted shares of his social media company, Tesla, as well as cryptocurrencies and related stocks on Wednesday.
Shares of Trump Media & Technology Group surged as investors wagered Truth Social's parent company would benefit from Trump's second term.
Tesla stock rose as much as 15% in premarket trading, and Musk, the CEO, has emerged as one of Trump's most vocal champions and closest advisors.
Conventional financial stocks, including Bank of America, JPMorgan, and Goldman Sachs, gained on the expectation of tax cuts and deregulation under Trump's administration.