The value of assets tied to Donald Trump – and those likely to benefit under his administration – are soaring in the wake of his decisive election victory on Tuesday.

The lead was taken by Trump Media and Technology Group (TMTG), the company that owns the Truth Social media platform. The stock rose 25% in early Wednesday trading. Trump is the majority owner of TMTG.

Shares of Tesla, Elon Musk’s electric car maker, also saw significant gains – up 12%. Musk was deeply involved in promoting Trump’s campaign, and the president-elect has indicated he would appoint Musk, the world’s richest person, to a Cabinet-level position charged with addressing perceived government waste.

Finally, the price of bitcoin rose 6.5%, briefly reaching an all-time high of over $75,000. Cryptocurrencies and companies in the crypto space saw broad gains across the board.

Trump has pledged to reduce government oversight of the cryptocurrency industry, which provided a steady stream of money to his campaign and to a lesser extent to his Democratic rival, Vice President Kamala Harris, during the presidential race. Trump was the keynote speaker at this year’s annual Bitcoin conference in Nashville.

Isaac Boltansky, managing director and director of policy research at BTIG, a financial services company, noted in a letter to clients on Wednesday that several other sectors are likely to benefit from a second Trump presidency, including private prisons, fossil fuels, nuclear power and clean coal. , defense industry companies and online consumer finance companies that might otherwise be subject to close scrutiny.

Trump has generally promised to extend or implement major tax cuts while easing regulations, something that the business community will embrace. Stocks across the board rose Wednesday in anticipation of steady economic growth.