Election years can be pivotal. Former U.S. President Donald Trump, who’s been mired in controversy ever since he was elected to the country’s highest office in 2016, is on his way to nabbing the Republican Party primary for a second time.
As a result, Trump will likely be on the ballot come November. According to a recent New York Times/Siena College poll, Trump is leading Biden by five points. However, a number of other polls paint a much tighter race.
Either way, if Trump is to be elected, these three stocks are likely to skyrocket.
Digital World Acquisition Corp (DWAC)
Digital World Acquisition Corporation (NASDAQ:DWAC) is a Trump-linked Special-Purpose Acquisition Corporation (SPAC), and this SPAC’s sole purpose is to acquire Trump Media & Technology Group (TMTG). The media company has ties to the former president’s social media platform Truth Social.
Currently, DWAC is in the midst of a lawsuit from shareholder United Atlantic Ventures, which owns around 8.6% of the SPAC. The fund alleges Donald Trump of purposefully diluting their shares, which could deprive them of immense profits once the SPAC merger is completed.
Despite the controversy, if Trump is elected, DWAC will likely perform well due to its connection to the former president.
First Solar (FSLR)
Some may find solar panel manufacturer First Solar (NASDAQ:FSLR) place on this list to be odd. But let’s recollect the string of Trump tariffs that he signed into law. For those who have forgotten, when Donald Trump was president he imposed a number of tariffs, one of which was on Chinese-made solar panels. This of course had the effect of increasing solar panel prices in the U.S., improving revenue for solar panel sellers. The Biden Administration eased Trump’s solar panel tariffs, but this doesn’t mean the former president, if re-elected, will not reinstitute the same policy, which could benefit solar panel manufacturers like First Solar.
The solar panel manufacturer also stands to benefit from interest rate cuts that could happen in the latter half of the year. With a good valuation and a plethora of growth prospects, whether Trump wins or not, FSLR stock could make a good investment for 2024.
Exxon Mobil (XOM)
Exxon Mobil (NYSE:XOM) is one of the largest integrated oil and gas companies in the world, with operations in exploration and production, refining and marketing, chemicals, and power generation. The company also had the fortune of having one of its former CEOs in the Trump administration, Rex Tillerson, who served as Secretary of State.
While it’s not likely a second Trump administration will choose another Exxon Mobil CEO for the position, the company could likely benefit in other ways. A friendlier business environment, especially for companies involved in non-renewable forms of energy, is just one of the ways Exxon could benefit from another Trump presidency.
Moreover, the oil giant’s diversified portfolio of assets across geographies and segments gives it resilience and flexibility. In particular, the oil giant has been able to develop its operations in Guyana, which has increasingly become a key player in the global oil market. These aspects make Exxon Mobil key stock to consider to 10X your money if Trump wins.
On the date of publication, Tyrik Torres did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.