Why Tesla, crypto and prisons are Trump trade winners

Financial markets greeted Donald Trump’s victory in the US presidential election with a blistering rally.

That’s despite considerable debate about how Trump’s plans for tariffs, lower taxes and mass migrant deportations might affect the world’s largest economy.

A week on, the surge finally appears to be settling. The three major stock indexes in the US ended the day lower on Tuesday, after rising roughly 5% since 4 November, the day before the election.

Here are some of the companies that have come out ahead, as investors try to game out what the next four years might bring.

Tesla shares have surged roughly 35% since 4 November.

The rally has pushed the market value of the firm back above $1tn for the first time since 2022 and boosted the wealth of boss Elon Musk, who owns a roughly 13% stake in the company, by more than $50bn.

It marks a bet by investors that a Trump White House might ease up on some of the…