Bitcoin surpassed Saudi Aramco as the world's seventh largest asset by market cap on Wednesday. Bloomberg
Bitcoin surpassed Saudi Aramco as the world's seventh largest asset by market cap on Wednesday. Bloomberg

Bitcoin and Tesla surge: What other assets are benefitting most from the 'Trump bump'?



President-elect Donald Trump's poll victory last week sent major US stock indexes surging to new records, with Tesla and Bitcoin among the biggest winners so far.

The price of Bitcoin briefly surpassed $93,000 for the first time on Wednesday as the cryptocurrency continued its rise after Mr Trump's election, overtaking Saudi Aramco as the world's seventh-largest asset by market cap at $1.833 trillion.

Bitcoin and Tesla are among a number of sectors and companies to benefit from the so-called Trump bump that are expected to reap the rewards of his new administration.

Tesla

Tesla has been one of the biggest winners since the election, with billionaire owner Elon Musk's backing of Mr Trump paying off big for the electric vehicle company.

Even after a slight post-election dip on Tuesday, Tesla shares have still surged by more than 32 per cent since election day.

That has also led to a huge increase in net worth for Mr Musk, already the world's richest person. As of Wednesday, Mr Musk's net worth had risen to $319 billion, almost $90 billion more than the world's second-richest man, Jeff Bezos.

Mr Musk was one of Mr Trump's most vocal surrogates during the final months of the campaign trail and was rewarded by being tapped to co-lead a new Department of Government Efficiency.

He is said to have a strong influence on the new administration, reportedly joining a call between Mr Trump and Ukrainian President Volodymyr Zelenskyy last week. He was also expected to join Mr Trump and Republicans on Capitol Hill on Wednesday.

Crypto

Mr Trump's election has been a huge boost to the cryptocurrency industry. The president-elect, once a sceptic, has since embraced the industry and now also owns a crypto business, World Liberty Financial.

Mr Trump previously said he wants the US to become the “crypto capital of the planet” and also raised the possibility of establishing a strategic bitcoin stockpile.

Crypto traders are also emboldened by the possibility of a new head of the Securities and Exchanges Commission. Current chairman Gary Gensler, one of the crypto industry's biggest rivals, is expected to resign before Mr Trump takes office.

Bitcoin is not the only cryptocurrency to rise under these hopes. Ether, the second-largest cryptocurrency by market cap, has jumped 37 per cent since election day. Dogecoin is up 156.2 per cent.

Private prisons

Shares in jail stocks have risen since Mr Trump vowed to follow through with a mass deportation plan that could affect millions of undocumented immigrants.

“We expect the incoming Trump administration to take a much more aggressive approach regarding border security, as well as interior enforcement, and to request additional funding from Congress to achieve these goals,” Geo Group executive chairman George Zoley said during an earnings call last week.

Shares in Geo Group, the largest private prisoner operator in the US, have risen by 67.8 per cent since election day.

Mr Zoley said the incoming administration will bring a “potential sea change” for the industry.

CoreCivic, a company that owns and manages private prisons, has also experienced a recent increase in share price. The company's stock has risen by 61.12 per cent.

Large banks

Mr Trump's return to the White House is also seen as a boon to big banks who could benefit from less regulation and more domestic investment.

Goldman Sachs and Bank of America shares have increased by the highest amount since election day at 14.1 per cent and 10.5 per cent, respectively.

Financial Trade Commissioner chairwoman Lina Khan's future is seen as being in jeopardy. Ms Khan's FTC has been aggressive in blocking several mega mergers seen as anti-competitive. Her replacement, as well as other antitrust appointments, could signal less regulation from agencies that would benefit banks and other companies.

The future of the Federal Reserve's proposed capital requirements – also known as the Basel III Endgame – is also in doubt. The Fed has already drastically lowered the capital the nation's largest banks would be required to hold after a fierce lobbying effort.

Shares in JP Morgan Chase and Citigroup have risen by 9.8 and 10.5 per cent, respectively.

Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

BACK%20TO%20ALEXANDRIA
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ETamer%20Ruggli%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENadine%20Labaki%2C%20Fanny%20Ardant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
SPEC SHEET

Display: 6.8" edge quad-HD  dynamic Amoled 2X, Infinity-O, 3088 x 1440, 500ppi, HDR10 , 120Hz

Processor: 4nm Snapdragon 8 Gen 1/Exynos 2200, 8-core

Memory: 8/12GB RAM

Storage: 128/256/512GB/1TB

Platform: Android 12

Main camera: quad 12MP ultra-wide f/2.2, 108MP wide f/1.8, 10MP telephoto f/4.9, 10MP telephoto 2.4; Space Zoom up to 100x, auto HDR, expert RAW

Video: 8K@24fps, 4K@60fps, full-HD@60fps, HD@30fps, super slo-mo@960fps

Front camera: 40MP f/2.2

Battery: 5000mAh, fast wireless charging 2.0 Wireless PowerShare

Connectivity: 5G, Wi-Fi, Bluetooth 5.2, NFC

I/O: USB-C

SIM: single nano, or nano and SIM, nano and nano, eSIM/nano and nano

Colours: burgundy, green, phantom black, phantom white, graphite, sky blue, red

Price: Dh4,699 for 128GB, Dh5,099 for 256GB, Dh5,499 for 512GB; 1TB unavailable in the UAE

MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

AIDA%20RETURNS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ECarol%20Mansour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EAida%20Abboud%2C%20Carol%20Mansour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5.%2F5%3C%2Fp%3E%0A
'Lost in Space'

Creators: Matt Sazama, Burk Sharpless, Irwin Allen

Stars: Molly Parker, Toby Stephens, Maxwell Jenkins

Rating: 4/5

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

SPECS

Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now

SPECS

Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now

The years Ramadan fell in May

1987

1954

1921

1888

COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

Cricket World Cup League 2

UAE squad

Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

THE BIO

Favourite holiday destination: Whenever I have any free time I always go back to see my family in Caltra, Galway, it’s the only place I can properly relax.

Favourite film: The Way, starring Martin Sheen. It’s about the Camino de Santiago walk from France to Spain.

Personal motto: If something’s meant for you it won’t pass you by.

COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
FIGHT CARD

Sara El Bakkali v Anisha Kadka (Lightweight, female)
Mohammed Adil Al Debi v Moaz Abdelgawad (Bantamweight)
Amir Boureslan v Mahmoud Zanouny (Welterweight)
Abrorbek Madaminbekov v Mohammed Al Katheeri (Featherweight)
Ibrahem Bilal v Emad Arafa (Super featherweight)
Ahmed Abdolaziz v Imad Essassi (Middleweight)
Milena Martinou v Ilham Bourakkadi (Bantamweight, female)
Noureddine El Agouti v Mohamed Mardi (Welterweight)
Nabil Ouach v Ymad Atrous (Middleweight)
Nouredin Samir v Zainalabid Dadachev (Lightweight)
Marlon Ribeiro v Mehdi Oubahammou (Welterweight)
Brad Stanton v Mohamed El Boukhari (Super welterweight

Company profile

Name: Steppi

Founders: Joe Franklin and Milos Savic

Launched: February 2020

Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year

Employees: Five

Based: Jumeirah Lakes Towers, Dubai

Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings

Second round raised Dh720,000 from silent investors in June this year

The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
Players Selected for La Liga Trials

U18 Age Group
Name: Ahmed Salam (Malaga)
Position: Right Wing
Nationality: Jordanian

Name: Yahia Iraqi (Malaga)
Position: Left Wing
Nationality: Morocco

Name: Mohammed Bouherrafa (Almeria)
Position: Centre-Midfield
Nationality: French

Name: Mohammed Rajeh (Cadiz)
Position: Striker
Nationality: Jordanian

U16 Age Group
Name: Mehdi Elkhamlichi (Malaga)
Position: Lead Striker
Nationality: Morocco

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
FROM%20THE%20ASHES
%3Cp%3EDirector%3A%20Khalid%20Fahad%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Shaima%20Al%20Tayeb%2C%20Wafa%20Muhamad%2C%20Hamss%20Bandar%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
Tightening the screw on rogue recruiters

The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.

 Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.

A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.

The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.

The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.

Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.

Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment

But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.

Five expert hiking tips
    Always check the weather forecast before setting off Make sure you have plenty of water Set off early to avoid sudden weather changes in the afternoon Wear appropriate clothing and footwear Take your litter home with you

The Transfiguration

Director: Michael O’Shea

Starring: Eric Ruffin, Chloe Levine

Three stars

Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENamara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202022%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EMohammed%20Alnamara%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EMicrofinance%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E16%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFamily%20offices%0D%3Cbr%3E%3C%2Fp%3E%0A
Company%20profile%20
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EElggo%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20August%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Luma%20Makari%20and%20Mirna%20Mneimneh%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Education%20technology%20%2F%20health%20technology%3Cbr%3E%3Cstrong%3ESize%3A%3C%2Fstrong%3E%20Four%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-seed%3C%2Fp%3E%0A
Fixtures (6pm UAE unless stated)

Saturday Bournemouth v Leicester City, Chelsea v Manchester City (8.30pm), Huddersfield v Tottenham Hotspur (3.30pm), Manchester United v Crystal Palace, Stoke City v Southampton, West Bromwich Albion v Watford, West Ham United v Swansea City

Sunday Arsenal v Brighton (3pm), Everton v Burnley (5.15pm), Newcastle United v Liverpool (6.30pm)

%3Cp%3E%3Cstrong%3ETHE%20SPECS%3C%2Fstrong%3E%0D%3Cbr%3EEngine%3A%203.5-litre%20V6%0D%3Cbr%3ETransmission%3A%209-speed%20automatc%0D%3Cbr%3EPower%3A%20279hp%0D%3Cbr%3ETorque%3A%20350Nm%0D%3Cbr%3EPrice%3A%20From%20Dh250%2C000%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A

Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars

Results:

6.30pm: Mazrat Al Ruwayah (PA) | Group 2 | US$55,000 (Dirt) | 1,600 metres

Winner: AF Al Sajanjle, Tadhg O’Shea (jockey), Ernst Oertel (trainer)

7.05pm: Meydan Sprint (TB) | Group 2 | $250,000 (Turf) | 1,000m

Winner: Blue Point, William Buick, Charlie Appleby

7.40pm: Firebreak Stakes | Group 3 | $200,000 (D) | 1,600m

Winner: Muntazah, Jim Crowley, Doug Watson

8.15pm: Meydan Trophy Conditions (TB) | $100,000 (T) | 1,900m

Winner: Art Du Val, William Buick, Charlie Appleby

8.50pm: Balanchine Group 2 (TB) | $250,000 (T) | 1,800m

Winner: Poetic Charm, William Buick, Charlie Appleby

9.25pm: Handicap (TB) | $135,000 (D) | 1,200m

Winner: Lava Spin, Richard Mullen, Satish Seemar

10pm: Handicap (TB) | $175,000 (T) | 2,410m

Winner: Mountain Hunter, Christophe Soumillon, Saeed bin Suroor

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

Updated: November 14, 2024, 6:38 AM

Energy This Week

Expert analysis on oil & gas renewables and clean energy

      By signing up, I agree to The National's privacy policy
      Energy This Week