(NewsNation) — Financial markets appeared to be responding to former President Donald Trump‘s projected win early Wednesday morning as shares of Trump Media and Technology soared.
The stock spiked 44% early Wednesday on Robinhood, reported Investors Business Daily.
Trump Media reported a $19.2 million loss for the third quarter in a surprise Election Day filing late Tuesday after the close. The Truth Social parent, majority owned by Donald Trump, had $1.01 million in revenue, up slightly from recent quarters, the outlet reported.
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Market responds to Trump’s projected win
Near 2 a.m. ET, contracts on the tech-heavy Nasdaq 100 and S&P 500 futures each soared around 1.6%, reported Yahoo Finance. Dow Jones Industrial Average futures were up over 1.7% on the heels of a winning day for stocks, the outlet reported.
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Meanwhile, futures tied to the 10-year Treasury note rose nearly 15 basis points to trade at above 4.4%. Bitcoin rallied to a record alongside the dollar, as the evening’s returns bolstered the “Trump trade.”
The U.S. Dollar Index was up 1.3%. The 10-year Treasury yield jumped 14 basis points to 4.43%, and Bitcoin surged 7.5% to $74,700 after briefly hitting $75,000, Fortune reported.
Trump’s campaign promises around the economy
Trump’s victory could implement his promises to impose huge tariffs on foreign goods. Trump has called for an end to personal income tax in exchange for a 10% tariff on all imported goods and a 60% or higher tariff on all Chinese imports.
While campaigning, he promised “lower taxes, bigger paychecks and more jobs for American workers” by enacting universal baseline tariffs that “reward domestic production” and tax foreign companies.
He also said he would lower interest rates and impose a 37% tax for top earners (down from 39%).
Many of the tax credits and other items included in Trump’s Tax Cuts and Jobs Act of 2017 are set to expire in December 2025. While Trump has called for extensions on the tax credits, estimates recently released by the Congressional Budget Office show that extending the credits would, in 2024 dollars, cost $3.2 trillion over 10 years and $10.3 trillion over 30 years.
During his presidency, federal debt held by the public rose from $14.4 trillion to $21.6 trillion, influenced by Trump’s tax cuts, particularly his slashes to the corporate tax rate, according to the Annenberg Public Policy Center’s FactCheck project.
What’s Trump’s net worth?
Trump was worth about $6.7 billion as of Oct. 31, according to Forbes. That’s down by $1 billion just one day prior.
Overall, Trump’s wealth can be attributed to his Truth Social parent company, his real estate holdings, clubs and resources and other holdings.
Trump owns 57% of the media company.
Various events along the campaign trail have affected the total. Trump’s net worth grew by at least $1 billion since the assassination attempt on the former president took place at a rally in Butler, Pennsylvania, on July 13, Forbes reported.
