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<ul class="summary-list"><li>Donald Trump's win is reducing uncertainty, boosting some employers' confidence about posting jobs.</li><li>Hiring experts anticipate a "Trump bump" for now despite concerns over tariffs and immigration.</li></ul>If you've been <a target="_blank" href="https://www.businessinsider.com/finding-job-awful-right-now-drop-in-openings-tough-search-2024-9">looking for a job</a> and haven't had any luck, that could be about to change.<a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">Donald Trump's decisive win</a> ends some uncertainty about the broad direction of the US — and extinguishes worries that there will be a drawn-out fight over the outcome.Executives focused on hiring told Business Insider that the newfound clarity is already making some employers more willing to post jobs."Our phone was basically ringing off the hook with companies looking to hire," Lief Larson, CEO of Salesfolks, a staffing firm focused on sales roles, told BI. "Regardless of your political persuasion, there is no doubt that the market is anticipating a Trump bump."Knowing who will occupy the White House is a help to employers, employment experts told BI, even as questions remain about the fallout from a potential <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariff-threat-john-deere-economists-baffled-2024-9">increase in tariffs</a> or a reduction in immigration."Having the uncertainty behind us will prompt many — and encourage many — to start looking at increasing hiring," Tim Glowa, founder and CEO of HRbrain, which develops artificial intelligence tools for human resources, told BI.<h2 id="931ab304-0c3f-4e07-9067-9bcae5537e6c">Demand in tech</h2>It also helps that in the fourth quarter, some employers push to bring on people before the end of the year. Others prepare job descriptions to go up in January, said Michelle Volberg, a longtime recruiter who's founder and CEO of <a target="_blank" href="https://www.withtwill.com/">Twill</a>, a venture-backed startup that pays tech workers to recommend peers for key jobs."We're seeing a pretty healthy number of roles planning to be posted in January, probably more than we even expected," Volberg told BI. Volberg said she's seen an "upward trend" in the past 12 months that's now continuing."I don't see anything currently on the horizon that will challenge the US economy in any way," Volberg said.She said some of the demand is in tech, particularly from companies focused on AI looking to hire in engineering, product, sales, and marketing.That's welcome news because while the overall US unemployment rate remains low, some tech firms have been cutting in some roles and <a target="_blank" href="https://www.businessinsider.com/meta-job-cuts-indicate-tech-companies-like-recurring-layoffs-2024-10">slow to hire</a> in other areas — much to the <a target="_blank" href="https://www.businessinsider.com/job-seeker-applied-more-than-2000-roles-2024-9">frustration of job seekers</a>.Kathleen Lin Hurtubise, CEO and founder of Aloha Hospitality Professionals, a staffing firm focused on hospitality and light industrial workers, told BI that uncertainty over tax and immigration policies had led some of the company's customers to wait out the politics."We had a handful of clients who put us on pause until the elections," she said. Many employers, Hurtubise said, wanted to know how business decisions they had already made would likely play out once it became clear who would take the White House.<h2 id="11219916-ac03-49a8-ae71-be52cee6d5bf">More employers could turn to automation</h2>Jason Leverant, COO and president at AtWork Group, a staffing firm focused on areas including advanced manufacturing, logistics, and warehousing, told BI that a focus on bringing manufacturing jobs back to the US — so-called <a target="_blank" href="https://www.businessinsider.com/us-manufacturing-production-boom-economy-made-in-america-trade-war-2024-10">reshoring efforts</a> that are already underway — could further help boost momentum in hiring for workers <a target="_blank" href="https://www.businessinsider.com/employers-dropping-degree-requirements-slow-to-hire-for-skills-2024-10">without college degrees</a>.Yet, Leverant said, reshoring could be more expensive for employers and, when combined with talent shortages, could push more <a target="_blank" href="https://www.businessinsider.com/ai-wont-take-as-many-jobs-as-feared-altman-2024-9">companies to automate</a> where possible.Reduced immigration could also harm industries like construction and agriculture, where immigrants often fill many roles, he said."Do we start seeing a skills gap or a talent gap there?" Leverant said. He said such a chasm could eventually push wages higher in those areas if employers grow desperate for workers.Leverant said a focus by some in Trump's inner circle, including Tesla CEO Elon Musk, on areas like workplace <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-optimus-humanoid-robots-robotaxi-day-2024-10">automation</a> could mean as some aspects of jobs go away, workers who get the right training could take on "more complex roles that even advanced robotics can't touch right now."<h2 id="efdae223-ce1f-4c24-b0c3-4c4f63bde68d">A postelection rush to hire</h2>Aaron Cleavinger, a managing partner at Murdoch Mason Executive Search Group, told BI that he's been "inundated" with new search requests from clients since the election.He said that likely reflects a mix of the typical end-of-year ramp-up and also several months' worth of demand by employers, particularly in areas like manufacturing, that held off posting jobs because of political uncertainty."Anything that they've been delaying for the last couple of months, they're finally releasing," Cleavinger said, referring to employers and job postings.Cleavinger said that in many cases, employers might have been agnostic about which candidate won and instead just wanted to know which way it would break."They say, 'Hey, just tell me what I can count on, and then I can build a plan around that,'" he said.Cleavinger said demand for hiring will vary by industry, as it often does. Yet he said for small and medium-sized companies, optimism that there could be tax cuts could help boost budgets for hiring.<h2 id="dfe0f4e6-90ea-4cf9-bd4f-582908e761ca">Obstacles could emerge</h2>Even as some employers look to increase hiring, getting — and keeping — a job might get harder for some workers. Peter Rahbar, an employment attorney and founder of the boutique law firm The Rahbar Group, told BI that he expects to see an erosion of protections afforded to federal workers, including those seeking jobs.If enforcement of antidiscrimination laws becomes deprioritized, Rahbar said, that could make it harder for some people, including women and minorities, to land and retain jobs.Rahbar said reductions to immigration could hurt industries beyond agriculture and construction, including tech. That's because some tech companies needing workers rely on skilled immigrants to fill some roles.For now, though, Cleavinger, from Murdoch Mason Executive Search Group, expects demand for workers will generally heat up."I expect a pretty significant uptick in hiring. We usually see that anyway at the end of the year, but I think it'll be a little more pronounced now," Cleavinger said.

What Trump's election victory means for job seekers

<ul class="summary-list"><li>Donald Trump has won the US presidency in sweeping fashion.</li><li>His proposed policies, particularly wide-reaching tariffs, are expected to have a major impact on consumers.</li></ul>Now that <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">Donald Trump has been declared the winner</a> of the 2024 election, American consumers are on the lookout for what a Trump 2.0 presidency will mean for their finances.From investment portfolios to childcare costs, there could be substantial changes. Central to Trump's overall platform is his plan to enact tariffs on nearly all US imports, which is seen as driving inflation higher.Detailed below are five categories — investments, overall costs, housing, taxes, and childcare — that US consumers can expect to feel impacted by a new Trump regime.<h2 id="d30df8a9-d8f0-4701-8583-83a332628411"><a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">Investments</a></h2>Trump's plan to cut the corporate tax rate is generally viewed as bullish for earnings, particularly for the consumer-discretionary, communication-services, and financial sectors. However, his plan to tax all US imports is viewed as a headwind that could be inflationary and hit consumer spending.If those inflation worries come true, interest rates would be higher and push bond prices lower. Trump is also seen as bullish for crypto, and his protectionist policies are viewed as likely to push the dollar higher.These moves played out after Trump secured victory, with the so-called <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-trade-us-presidential-election-dollar-treasuries-stocks-crypto-djt-2024-11">Trump trade soaring</a>: stocks, Treasury yields, dollar, and bitcoin moved sharply higher.<h2 id="9fffe11a-9455-431b-baef-03c634fbeb2b"><a target="_blank" rel="" class="" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">Costs</a></h2>Trump's plan to impose a broad-based 10%-to-20% tariff on most goods brought in from other countries — and as much as 60% on Chinese imports — is widely viewed as making import-reliant products more expensive. Major categories with high potential tariff exposure include automobiles, drugs for human and veterinary use, food and beverage, furniture, and household appliances.Relatedly, the former president has previously said he'll lower grocery prices by restricting food imports to bolster domestic producers.<h2 id="3a8b1c41-e43c-4dca-b716-d8a1ee2acef2"><a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">Housing</a></h2>Trump said on the campaign trail that the ongoing housing shortage could be addressed by deporting millions of people from the country. The newly elected president has also said he could decrease demand by banning mortgages for immigrants living in the US illegally.During his previous White House tenure, Trump opposed the construction of high-density housing in single-family-zoned areas, although did not say during this election cycle whether he wants to continue pursuing similar policies.Further, if Trump's presidency is inflationary and leads to interest-rate hikes, that would hit housing affordability in the form of higher mortgage rates, which track the Fed's benchmark.<h2 id="b0d6cc09-dd6b-4d2e-9216-5c8ecbcfa7e0"><a target="_blank" rel="" class="" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10">Taxes</a></h2>Trump has proposed lowering the corporate tax rate from 21% to 15% for firms that make their products in the US.The former president has also said he plans to extend his slew of tax cuts from the Tax Cuts and Jobs Act of 2017 — also known as the "Trump tax cut."A permanent continuation of the TCJA's income-tax provisions would amount to a nearly $280,000 tax cut for the top 0.1% of earners, compared to $1,000 for middle-income Americas, a Tax Policy Center analysis found. Trump's plan for universal tariffs is seen as offsetting a positive tax impact and would be especially costly for lower-earning Americans.<h2 id="2804ce0e-fc32-40e9-803e-c53a6b31f02b"><a target="_blank" rel="" class="" href="https://www.businessinsider.com/childcare-costs-presidential-election-scenarios-parents-paid-leave-harris-trump-2024-10">Childcare</a></h2>Trump has proposed expanding the child tax credit, which currently provides up to $2,000 per child. In August, the vice presidential candidate JD Vance floated a child tax credit proposal that would include $5,000 per child for families of all income levels.In addition, while previously in office, Trump signed a bipartisan bill that provided federal employees with 12 weeks of paid parental leave, although he didn't emphasize the issue on the 2024 campaign trail.

How Trump's election victory will impact your wallet

<ul class="summary-list"><li>Astrology TikTok creators predicted a Harris win, and they're now facing questions.</li><li>Astrology fans feel betrayed, questioning the credibility of their trusted creators.</li></ul>The astrology community on TikTok is mighty, but trust in the stars has wavered over the past week.Many popular astrology creators predicted that <a target="_blank" class="" href="https://www.businessinsider.com/harris-trump-blue-wall-democrats-suburban-voters-unions-2024-11">Kamala Harris </a>would win the 2024 election. However, when <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-tesla-spacex-x-department-government-efficiency-jobs-2024-11">Donald Trump </a>was elected for a second term, they were faced with tough questions over their credibility.Jess Rauchberg, a researcher on digital media cultures, told Business Insider that some fans felt that "the rug's been pulled out from underneath them.""I placed my trust in you as a follower, and I trusted your brand, but your brand is no longer credible," she said. "You see people who are really, really frustrated and who feel betrayed."<h2 id="5bb9fa96-a9d1-4218-910b-572d415dadc9">Predictions gone wrong</h2>The astrology industry is growing. According to <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.marketresearchfuture.com/reports/astrology-market-22040">Market Research Future</a>, it is projected to grow from $14.3 billion in 2024 to $21.52 billion by 2032.Astrologists on TikTok are nothing new and have been on the platform as long as other communities like <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-changes-book-publishing-marketing-author-careers-2023-5">BookTok</a> or <a target="_blank" class="" href="https://www.businessinsider.com/witchtok-feud-baby-witches-gatekeeping-spells-2022-4">WitchTok</a>.The community includes tarot readers, spiritual workers, astrophotographers, and psychic mediums. The biggest creators include Nick Grigolia (3.2 million followers), Maren Altman (1.4 million), and Julia Kelley (384,000). Many use TikTok to attract paid customers.The industry has been gaining popularity on the platform with 492,000 posts having the #astrology hashtag in the last 12 months in the US alone, <a target="_blank" class="" href="https://ads.tiktok.com/business/creativecenter/hashtag/astrology/pc/en">according to TikTok data</a>. Many astrology TikTok accounts predicted a Harris win based on her chart, <a target="_blank" class="" href="https://www.semafor.com/article/11/10/2024/tiktok-astrologers-are-convinced-this-election-isnt-over">Semafor reported</a>. The current vice president had "her Saturn return, her Jupiter return, and her Mars return," professional astrologer Dayna Lynn Nuckolls <a target="_blank" class="" href="https://www.huffingtonpost.co.uk/entry/political-astrologists-predictions-who-will-win-presidential-election_n_6722d811e4b0871068fdfd1b">told HuffPost</a>.Trump, on the other hand, is in his seventh house year, Nuckolls told the outlet, which can signal conflict, competition, and disruption.Some astrologists foresaw Trump having a cardiac event and not becoming president due to health problems.<h2 id="829be4de-34dc-4560-9108-cda10e992a49">Fans let down</h2>After Trump's win, many astrology fans said they could no longer trust their favorite creators, with some even suggesting they should give up the trade altogether.In response, many astrologers have elaborated on their predictions, saying a period of unrest is still ahead. Others have doubled down, saying something surprising will happen within the next month."Some of you feel disillusioned by astrology and psychics who really saw this going in a different way," Rachel Lang, an astrologer, said in a recent video."And so I want to just say that the astrology of this time between now 2024 and 2026 is unprecedented. We haven't seen this many outer sign changes all within a short period of time in 6,000 years, so we really are in uncharted territory."The election took place "with Pluto and Capricorn at the last degree of Capricorn," and the inauguration in January "is taking place with Pluto in Aquarius," Lang said, which points to some mystery about how the "this story is going to continue to unfold."<h2 id="470ae343-4f60-4d47-a014-11e46690126d">Trust in the stars</h2>Rauchberg said people have been "clinging" to social media astrologists since the pandemic.A small study from 2018, published in the journal Personality and Individual Differences, found that people tend to turn to astrology during stressful times as a "coping device," even if they don't believe in it the rest of the time."Americans and those who are closely following the US elections outside of the states are really hungry for some kind of information and some stability and some structure," Rauchberg said. "But when you don't have those sources out there, or you've been told not to trust the mainstream media, where do you go?"People turn to astrologers for similar reasons that they turn to podcasters, Rauchberg said. While young men have migrated toward Joe Rogan and Logan Paul, astrology TikTok is more likely to have seen an influx of women."I think this really correlates with this growing distrust in mainstream media," Rauchberg said.Both are, in a way, older forms of sharing information. Podcasts are seen as relatable and down to Earth. The stars, similarly, don't have an agenda. They were around before political parties or even the US itself existed."Podcasts are not totally unlike going into the Agora or a public forum in ancient Greece or ancient Rome and listening to somebody speak," she said."In a time where people are really frustrated with mainstream media being skewed toward one perspective, the stars feel a little bit more neutral," she added. "They're not affiliated with a particular political cause or political movement."Sara Walka, the founder of the holistic self-help business The Sisters Enchanted and who teaches astrology, told BI the community is very resilient.However, those who don't acknowledge that there are always two possibilities will lead people to "lose trust."For example, on Election Day, there was a "tug of war" in the stars and planets "between the old and the new, Trump and Harris," Walka said."An astrologer has to acknowledge that this could lead to either path dependent on the collective," she said.Walka added that, in general, she saw astrologists skewing toward desiring a Harris win."I think the certainty that astrologers had in predicting a Harris win would have contributed to the shock and dismay many felt when that was not the case," she said."This will contribute to that overall feeling of not knowing who or what to trust in the short term."

Trump's election victory put TikTok's astrology community into a meltdown

<ul class="summary-list"><li>Tesla stock surged 12% in premarket trading following Trump's election victory.</li><li>Elon Musk has been an outspoken supporter of Trump, spending months campaigning for him.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/trump-won-election-what-that-means-for-elon-musk-2024-11">Elon Musk's big bet</a> on Donald Trump is already paying off for Tesla.The EV's stock surged 12% in premarket trading and is poised to open at its highest level in more than a year following the election result.<a target="_blank" rel=" nofollow" class="" href="https://x.com/FoxNews/status/1854053633198825482">Fox News</a> called the presidential race for Trump early Wednesday morning. A little under four hours later, projections from <a target="_blank" rel=" nofollow" class="" href="https://x.com/CNN/status/1854109735076676021">CNN</a> and other news organizations put Trump over the 270 Electoral College votes needed to win the presidency.Wedbush Securities analyst Dan Ives called Trump's victory a "homerun for Tesla.""Elon Musk's status as Trump's ally from the business community hasn't gone unnoticed by investors who have bid up shares in Tesla by 3% in pre-market trading on the election news," he said.Musk has been an outspoken supporter of Trump during the election. The billionaire has spent the last few months campaigning for the president-elect, even joining him onstage at a campaign rally in Butler, Pennsylvania.In his victory speech early Wednesday, Trump paid tribute to Musk's efforts, calling him a "super genius" and a <a target="_blank" class="" href="https://www.businessinsider.com/trump-praises-elon-musk-a-star-is-born-2024-11">"new star."</a>Gene Munster, the managing partner at Deepwater Asset Management, said Tesla's stock surge was based on an emotional response from investors and their confidence in the EV company's CEO."That emotion is Elon made a big bet and was right. This gives investors confidence that his next big bet has a greater potential to succeed," Munster <a target="_blank" class="" href="https://x.com/munster_gene/status/1854132728998031598">said in a post on X on Wednesday.</a><h2 id="bb765168-eacb-44bd-a20d-16d2c4933cad">Trump's win an 'overall negative' for EV industry</h2>Despite the surge in Tesla shares, Trump's victory could be bad news for the wider EV market.Ives said the Trump presidency could be an "overall negative" for the EV industry, citing the possibility that the Trump administration could withdraw tax incentives and rebates for manufacturers.However, Ives said it could be a "huge positive" for Tesla due to the company's scale and market position."Tesla has the scale and scope that is unmatched in the EV industry and this dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players (<a target="_blank" href="https://www.cnbc.com/quotes/BYDDF/">BYD</a>, <a target="_blank" href="https://www.cnbc.com/quotes/NIO/">Nio</a>, etc.) from flooding the U.S. market over the coming years," Ives said in a note.Tesla has been facing fierce competition in China, with rivals rolling out their own EVs at lower prices.China-based BYD has been Tesla's <a target="_blank" class="" href="https://www.businessinsider.com/tesla-q4-sales-less-than-china-byd-2024-1">main competitor in the region, </a>taking the title of the world's top seller of electric cars from Musk's company at the beginning of the year.Earlier this month, BYD <a target="_blank" class="" href="https://www.businessinsider.com/why-byd-is-beating-tesla-ev-rivals-china-2024-11#:~:text=BYD%20has%20just%20notched%20another,and%20is%20eyeing%20global%20expansion.">scored another win when its quarterly </a>revenues outstripped Tesla's for the first time.BYD recorded revenues of 201.1 billion yuan ($28.2 billion) in the three months to September 30, up 24% from the same quarter last year. <a target="_blank" rel="" class="" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10">Tesla posted sales of $25.2 billion</a> over the same period.Representatives for Tesla did not immediately respond to a request for comment from Business Insider, made outside normal working hours.

Donald Trump's election victory is a 'home run' for Tesla

<ul class="summary-list"><li>US bank stocks surged following Donald Trump's presidential election victory.</li><li>Markets see looser regulations and changes in oversight spurring more profits for banks. </li></ul>US bank stocks rallied on Wednesday after Donald Trump <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">cruised to victory</a> in the presidential election, with markets eyeing a better environment for dealmaking and lending to drive stronger profits. Shares of the largest US banks soared ahead of the opening bell. JPMorgan and Bank of America both rose 6%, Citi rose 8%, and Wells Fargo jumped 10%. Goldman Sachs and Morgan Stanley climbed 6% and 8%, respectively. The SPDR S&amp;P Bank exchange-traded fund climbed 8%. Investors flocked to <a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">financial stocks</a> as a popular "Trump trade" in the weeks leading up to the election, with allies of the president-elect stating that Trump planned to <a target="_blank" class="" href="https://www.reuters.com/markets/us/if-trump-wins-he-plans-free-wall-street-burdensome-regulations-2024-04-12/">unravel many of the regulations</a> imposed on the banking sector after the 2008 financial crisis.According to Gerard Cassidy, a large-cap bank analyst from RBC Capital Markets, Trump's victory is likely to see some top regulators ousted, including the heads of agencies like the Consumer Protection Bureau and the Office of the Comptroller of the Currency.More banks could also consolidate in the coming years, assuming Trump's cabinet and advisors adopt a "pro-business" stance, Cassidy speculated. Commercial lending could also pick up, potentially causing bank revenue to beat expectations next year, he added."We've been very optimistic and bullish about the bank stocks all year, and last night's win by Trump continues that bullishness," Cassidy said in an interview with <a target="_blank" class="" href="https://www.cnbc.com/video/2024/11/06/outlook-for-banks-from-a-regulatory-standpoint-is-quite-positive-says-rbcs-gerard-cassidy.html">CNBC</a> Wednesday morning. "We're going to see a real change in anti-trust, and we're going to see a change in banking regulation as well, and that's going to be positive for the banks."Leading up to the election, analysts also said they saw a fresh wave of dealmaking under Trump amid a potentially looser anti-trust stance from his administration. That could result in increased advisory revenue for big banks and help drive up profits.

Bank stocks soar after Donald Trump's election victory

<ul class="summary-list"><li>Donald Trump celebrated his election win at UFC 309 with key allies.</li><li>Trump was joined by Elon Musk, Tulsi Gabbard, and Robert F. Kennedy Jr.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/europe-trade-war-trump-tariffs-eu-imports-foreign-policy-2024-11">Donald Trump</a> celebrated his election victory with a surprise appearance at UFC 309 on Saturday.The president-elect, flanked by UFC chief Dana White, arrived at Madison Square Garden to thunderous applause and cheers from the packed-out crowd.Trump was joined at the event by some of his new inner circle, including his picks to lead <a target="_blank" href="https://www.businessinsider.com/why-elon-musk-cutting-federal-spending-could-work-2024-11">the new "Department of Government Efficiency" (DOGE)</a> — Elon Musk and Vivek Ramaswamy, incoming national intelligence director Tulsi Gabbard, and <a target="_blank" href="https://www.businessinsider.com/trump-robert-f-kennedy-jr-rfk-department-health-human-services-2024-11">Robert F Kennedy Jr.</a>, whom Trump nominated as health secretary this week.Trump could also be spotted reuniting with <a target="_blank" class="" href="https://www.businessinsider.com/trumps-victory-shows-the-flagging-influence-of-mainstream-media-2024-11">Joe Rogan</a>, the host of "The Joe Rogan Experience," after his hit appearance on the podcast in October.And the warm reception didn't end there for the president-elect, with what can only be described as a Trump hype video playing on the big screen for spectators.Heavyweight champion Jon Jones also made a point of thanking Trump for attending in his post-fight interview."I also want to say a big, big thank you to President Donald Trump for being here tonight," Jones said, before imitating Trump's <a target="_blank" class="" href="https://www.youtube.com/watch?v=Zph7YXfjMhg">"YMCA" dance</a>. Trump spent most of the evening sitting between White and Tesla CEO Musk, with whom he has been somewhat inseparable since the election.Musk — the <a target="_blank" class="" href="https://www.bloomberg.com/billionaires/">world's richest person</a> — went all in on supporting Trump's presidential campaign in the summer, pouring millions of dollars into a super PAC and holding his own rallies to try to get him elected.In his new role as co-leader of DOGE, Musk's main task will be to advise on areas of government spending to cut.And he has already shared some of his plans for how he'll run the agency.Writing on <a target="_blank" class="" href="https://x.com/elonmusk/status/1856520760656797801">X</a> on Wednesday, Musk said the DOGE's actions "will be posted online for maximum transparency" and that he will launch a leaderboard to track "insanely dumb" government spending."Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know!" he added.

Trump, Musk, and new cabinet picks celebrate election victory with surprise appearance at UFC

<keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> candidate and Olympic wrestler <keyword id="19895499" type="General" weightage="100" keywordseo="Vinesh-Phogat" source="keywords">Vinesh Phogat</keyword> has emerged victorious in the fiercely contested <keyword id="23069853" type="General" weightage="20" keywordseo="Julana" source="keywords">Julana</keyword> Assembly seat in <keyword id="19904807" type="General" weightage="20" keywordseo="Haryana" source="keywords">Haryana</keyword>’s <keyword id="19958795" type="General" weightage="20" keywordseo="Jind-district" source="keywords">Jind district</keyword>. According to the Election Commission, Phogat secured her maiden political win over <keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords" meta.keywordsubtype="org" meta.entityname="BJP" meta.hostid="261" meta.entityid="BJP">BJP</keyword> rival Yogesh Kumar by a margin of around 6,000 votes. Early trends indicated Phogat’s lead over Kumar, which progressively widened as the day progressed, culminating in a decisive victory after 15 rounds of vote counting. Polling for the assembly elections in Haryana took place on October 5, with vote counting commencing at 8 AM today. Phogat totaled 65,080 votes, capturing the attention of both supporters and political analysts who lauded her successful transition from a celebrated wrestler to a formidable political figure. Notably, Phogat’s win brings the Julana seat back into Congress’s hands after 19 years. Bajrang Punia, a fellow wrestler and Congress leader who joined the party alongside Phogat, took to social media to express his support and pride. On platform X, he wrote, “Many congratulations to the country's daughter Vinesh Phogat for her victory. This fight was not just for one Julana seat, it was not just with 3-4 other candidates, it was not just a fight between parties. This fight was against the strongest oppressive forces in the country. And Vinesh emerged victorious.” As Congress celebrated Phogat’s success, the party raised concerns over alleged discrepancies in the Election Commission’s real-time data display. Senior Congress leader Pawan Khera stated, “There is a mismatch in the actual number of rounds counted and the number of rounds being shown on the television through the Election Commission data. The EC data is lagging behind; they are still showing fourth or fifth-round data while 11 rounds have been counted. Our General Secretary Communications has tweeted to the Election Commission asking – are [they] trying to put pressure on the local administration by delaying the display and uploading of data. In J&amp;K you are getting live data with every round counted but in Haryana, it is not so.” Congress leader Jairam Ramesh echoed these concerns, questioning the accuracy of the election data displayed. He remarked, “Like the Lok Sabha elections, in Haryana, we are again witnessing a slowing down of uploading up-to-date trends on the ECI website. Is the BJP trying to build pressure on the administration by sharing outdated and misleading trends?” Vinesh Phogat’s win in Julana marks a significant political debut, as she navigates a new arena beyond the wrestling mat. The victory represents not only a win for Congress in Haryana but also an influential addition to the party’s roster as it seeks to counter BJP’s influence in the state. As the results solidify, Phogat’s supporters are celebrating the historic nature of her triumph and its broader implications for Haryana’s political landscape. This story underscores the shifting dynamics within Haryana’s political scene, with Phogat’s victory exemplifying Congress’s strategic push to appeal to voters through candidates who resonate on a personal level with constituents. The state now waits to see how Phogat will leverage her influence both within her party and her constituency in the coming years. (With inputs from agencies)

From disqualified in Olympics to gold in Haryana: Vinesh Phogat wins big in Julana, ending BJP's 19-year streak

<ul class="summary-list"><li>Two crypto moguls' joint wealth rose by about $15 billion on the back of Trump's election victory.</li><li>Binance's Chaopeng Zhao and Coinbase CEO Brian Armstrong added about $12 billion and $2.6 billion each.</li></ul>Two cryptocurrency tycoons saw a near-$15 billion boost to their combined wealth on Wednesday as Donald Trump <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">won the presidential election</a>.<a target="_blank" class="" href="https://www.businessinsider.com/zhao-changpeng-binance-billionaire-crypto-mcdonalds-fast-food-wealth-lifestyle-2022-10">Changpeng Zhao</a>, who founded Binance and owns an estimated 90% of the world's largest cryptocurrency exchange, saw his net worth soar by about $12 billion or 30% to roughly $53 billion, propelling him into 25th place on the Bloomberg Billionaires Index.Zhao was the second-biggest wealth gainer for the day, behind only <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> who became <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/billionaires-net-worth-trump-stock-market-nvidia-tesla-2024-11">grew $26.5 billion richer</a> as Tesla stock soared. The man known as "CZ" resigned as Binance CEO in November 2023 and was incarcerated <a target="_blank" class="" href="https://www.businessinsider.com/former-binance-ceo-sentenced-to-four-months-in-prison-2024-4">for four months</a> this year after pleading guilty to charges that Binance broke anti-money laundering rules.Brian Armstrong, CEO and cofounder of crypto exchange Coinbase, saw his net worth jump by about $2.6 billion or 30% on Wednesday to reach $11 billion, per the Bloomberg list.<div type="image" title="Coinbase CEO Brian Armstrong" height="683" width="1024" msid="115058274" hostid="261" sizebytes="35564"></div><a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a>, the most popular crypto, <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-record-high-crypto-trump-trade-us-presidential-election-2024-11">surged to record highs</a> of about $75,000 on hopes that digital currencies will face an <a target="_blank" class="" href="https://www.businessinsider.com/cryptocurrency-bitcoin-influence-election-trump-harris-2024-10">easier regulatory environment</a> under Trump. Ethereum, Solana, Ripple, Dogecoin, and other tokens have also jumped following the former president's reelection.The Republican candidate's decisive victory over his Democratic rival, Kamala Harris, has relieved concerns in financial markets about a contested election outcome and fueled excitement about Trump's proposed tax cuts and deregulation.One result was the world's 12 richest people grew more than $70 billion richer in a single day, per Bloomberg's wealth rankings. Musk led the charge but Oracle's <a target="_blank" class="" href="https://www.businessinsider.com/larry-ellison">Larry Ellison</a> also gained about $10 billion, while Berkshire Hathaway's <a target="_blank" class="" href="https://www.businessinsider.com/how-warren-buffett-spends-money-net-worth">Warren Buffett</a> and Amazon's <a target="_blank" class="" href="https://www.businessinsider.com/jeff-bezos-life-career-education">Jeff Bezos</a> gained more than $7 billion each.All but one of the 12 individuals have become wealthier this year. LVMH CEO <a target="_blank" class="" href="https://www.businessinsider.com/who-is-bernard-arnault-owner-louis-vuitton-lvmh-net-worth">Bernard Arnault</a> is down $34 billion as signs of a luxury slowdown grow. Exclude him and his 11 peers have grown a combined $505 billion richer this year — a figure that exceeds the market value of Oracle ($502 billion).

2 crypto tycoons are almost $15 billion richer after Trump's election victory

<ul class="summary-list"><li>Trump's presidency may pressure Russia's oil and gas industry.</li><li>The EU is thinking about replacing Russian LNG with US shipments, potentially affecting trade dynamics.</li></ul>Russia's lucrative oil and gas industry could come under greater pressure when US President-elect Donald Trump takes office.Domestically, Trump is championing the US oil and gas industry and encouraging production — which is likely to underscore America's position as an oil and gas giant.Meanwhile, the European Union said it could consider buying more US liquefied natural gas in a deal with Trump that would address a trade deficit. The EU doesn't have to burn bridges to negotiate with Trump, because the bloc still imports LNG from Russia."We still get a lot of LNG from Russia, and why not replace it with American LNG, which is cheaper for us and brings down our energy prices," European Commission President Ursula von der Leyen told reporters on Friday."It's something where we can get into a discussion," she said, referring to US's trade deficit with the eurozone, which reached <a target="_blank" class="" href="https://ustr.gov/countries-regions/europe-middle-east/europe/european-union">$131.3 billion in 2022.</a>To be sure, it's ultimately up to EU importers to decide where to import energy supplies based on market conditions.However, at least one EU country — <a target="_blank" class="" href="https://www.ft.com/content/d23591fc-0463-4346-865c-0e851a256ed2">Belgium</a> — is calling on the bloc to ban Russian LNG imports to further squeeze Moscow's war chest.The EU — which previously relied on Russian energy — banned seaborne Russian crude imports and refined petroleum products following the full-scale invasion of Ukraine in February 2022.The EU has also cut most of its piped natural gas imports from Russia, replacing much of it with LNG from the US — which is now a top exporter of the fuel to Europe, accounting for <a target="_blank" class="" href="https://energy.ec.europa.eu/topics/carbon-management-and-fossil-fuels/liquefied-natural-gas_en">46% of the bloc's supply in 2023.</a>Russia accounts for 8% of the EU's LNG imports. Other major LNG exporters to the EU include Qatar and Algeria."It would be in the interest of the US that Europe continues to shun Russian fossil fuels, given the US oil and gas industry has been one of the key beneficiaries of this move," wrote Warren Patterson, the head of commodities strategy at <a target="_blank" class="" href="https://think.ing.com/articles/what-a-trump-presidency-means-for-oil-and-gas-markets/">ING,</a> on Friday.<h2 id="e98e057f-427c-49fe-80b4-6b3536753369">'Drill, baby, drill'</h2>Trump's victory could shake up the highly politicized energy industry as he has made it clear that he supports oil production."I make this pledge to the great people of America: I will end the devastating inflation crisis immediately, bring down interest rates, and lower the cost of energy," Trump said in his Republican National Convention speech in July."We will drill, baby, drill," Trump said.While Trump's pledges to loosen energy regulations in the US are seen as a boost to the industry, it could increase oil supplies — a negative for prices.For consumers, lower energy prices translate to lower pump prices and electricity bills.However, it would also pressure energy company profits and, in turn, discourage more production — which is at record levels in the US.But there could also be other moving parts in Trump's second term, including potential sanctions on oil supplies from Iran, Venezuela, and Russia — all of which could tighten global supplies and support prices.Even before Trump's second election, there are so many uncertainties surrounding the geopolitical economy of energy that <a target="_blank" class="" href="https://www.businessinsider.com/major-oil-producers-saudi-arabia-russia-diversify-economies-opec-shale-2024-10">Saudi Arabia and Russia,</a> two of the largest oil producers, are trying to diversify their economies.In the meantime, the broad energy market is taking a wait-and-see stance."Initial market reactions have been muted to Trump's election victory, but in the medium term, he is expected to reinforce the US' role as a leading oil and LNG exporter," wrote Kaushal Ramesh, the head of gas and LNG analytics at Rystad Energy research firm on Monday.

Russia's lucrative oil and oil industry is an easy target for Europe after Trump's election victory

Photos show Americans' mixed reactions to Donald Trump's sweeping victory in the 2024 election

Days after Trump won his way to the White House, becoming the 47th President of the United States, the US Federal Reserve slashed the interest rates by 25 basis points, bringing them within the range of 4.5-4.75%. This is the second time this year that the Fed has lowered the interest rates, after cutting them down by 50 basis points in September 2024. u Fed chair Jerome Powell noted that monetary policy remains tight as inflation remains elevated at 2.4% as of September 2024, slightly above the 2% mark set by the commission. However, the Fed remained optimistic about the current state of the economy. "The Committee seeks to achieve maximum employment and inflation at 2% over the longer run. The Committee judges that the risks to achieving its employment and inflation goals are roughly in balance. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate," the FOMC (Federal Open Market Committee) noted in its press release. The rate cut was along widely anticipated lines, although experts were wary of the Fed's way ahead, given that Donald Trump has been elected as the US President. In the past, he has, on multiple occasions, expressed his desire to yield greater influence on the Fed, apart from publicly criticizing Powell. However, Powell continued to stand his ground, noting that Trump cannot legally sack him. He believed in keeping the Fed independent, at least until his tenure as governor ends in 2028. He highlighted that even if he is explicitly asked by Trump to quit, he won't do so. <h2>Trump's regime to inch up inflation?</h2> Trump's electoral promises, if translated into policies, could spell disaster for the Fed's effort to curtail inflation. Reportedly, Trump has promised to levy aggressive tariffs against US trading partners, particularly China, and even extend his 2017 tax cuts. This could mean higher levels of the federal deficit, which would push up prices, wages, and hence, inflation, even as the Fed tries to consistently bring it under control. Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities, notes that it wasn't a surprise when the US Fed cut interest rates by 25 basis points (bps) to 4.75%. The Fed had given enough clues, and the market too had anticipated these rate cuts. "However, what was surprising was how the <keyword id="23863852" type="General" weightage="20" keywordseo="US-10-year-bond-yields" source="keywords">US 10-year bond yields</keyword> moved over the last one and a half months, which have been rising relentlessly from 3.6% to almost 4.5% despite the 50 bps cut in the last Fed meeting. It seems that the market is anticipating slower rate cuts going ahead, and maybe there are even chances of inflation rising. The bond yields have cooled off and slipped below the 4.335% mark. This should be bullish for emerging markets like India," he added.

US Fed cuts interest rates by 25 bps, Powell notes Trump's victory to have no impact on policy decisions

<ul class="summary-list"><li>Trump's election win boosts bitcoin's value to over $80,000 for the first time.</li><li>The president-elect's campaign was partially fueled by his crypto-friendly pledges.</li></ul>Richard Teng, the CEO of Binance, has said Donald Trump's success in the presidential election is a "big win for crypto" as bitcoin's market value surges.The boss of the world's largest crypto exchange told the <a target="_blank" class="" href="https://www.ft.com/content/b7ee8186-1778-4b16-bee8-279c03923a66?accessToken=zwAGJqFwX4vgkdO37oGGF3hLFtO-6CecA5I6Zg.MEUCIQDhduUl950JTUHHQjVJdEMt0r0rs0cdUFOF7xq7rXD5NAIgMHy3hUDMkyzSx8s6_yDkX6JeY5Gb2XFRC3FhYJIiFJ8&amp;sharetype=gift&amp;token=e1527617-c8fd-42df-8e0e-aef7b7a4ba6b">Financial Times</a> that his second term in the White House signaled the beginning of a "golden era" for the industry. Teng added that Trump's victory would lead to a rise in new regulators open to virtual currencies.<a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-reaches-80000-for-first-time-trump-election-crypto-2024-11">The price of bitcoin has risen over $80,000</a> for the first time following the president-elect's win over Kamala Harris last week. It's up by over 80% this year.Formerly a skeptic for years of crypto, Trump criticized bitcoin as "not money" and "highly volatile and based on thin air."But during his campaign, <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-crypto-industry-donald-trump-election-reserve-regulation-sec-2024-11">he became a staunch supporter</a> of the digital currency, promising to make the US the "crypto capital of the planet."Trump's recent electoral success was partially fueled by crypto-friendly pledges that resulted in <a target="_blank" class="" href="https://www.businessinsider.com/trump-pac-raised-millions-crypto-donations-since-june-2024-10">millions of dollars in donations</a> to his campaign, which accepted payments made in digital currencies.One PAC called Trump 47 raised around $7.5 million in bitcoin, ether, XRP, and other cryptocurrencies.The soon-to-be 47th president of the US is dedicated to creating a bitcoin stockpile and has proposed launching a crypto advisory council.Bitcoin's surging price has more than quadrupled its market capitalization since the start of 2023, from around $318 billion to a record $1.6 trillion, per CoinMarketCap data.The digital currency is now more valuable than Mark Zuckerberg's Meta, worth nearly $1.5 trillion, and Elon Musk's Tesla and Warren Buffett's Berkshire Hathaway, worth around $1 trillion each.Ether, the second-most valuable crypto, has more than doubled in market cap from around $150 billion at the start of 2023 to around $385 billion today.

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