GameStop’s CEO celebrated Trump’s election victory. Since then, his company’s stock has been rising

GameStop CEO Ryan Cohen – a vocal supporter of Donald Trump – is celebrating the former president’s impending return to the Oval Office as the value of his company’s shares rises in the stock market.

As of Monday’s close, GameStop was up about 9.6 percent at $27.26 per share. The company also posted four-day growth, marking the company’s longest uptrend since July 16, according to Dow Jones Market Data.

More than 15.7 million shares of GameStop have been traded since Trump’s election, nearly doubling its average volume of 8.2 million.

GameStop became one of the most popular stocks around during the pandemic, alongside other “meme stocks” like AMC and Blackberry. In 2021, users on Reddit’s Wall Street Bets forum created a lot of hype around the stock, which was heavily shorted by hedge funds at the time. The interest surrounding GameStop caused the price to rise to a record closing price of $86.88 on January 27, 2021.

Cohen expressed his excitement about Trump’s return on X on Wednesday, writing, “God bless America!” in a post.

He endorsed Trump on July 13, shortly after the former president survived an assassination attempt in Butler, Pennsylvania.

Since then, he has been vocal on social media, making it clear that he is on the side of the former and future president. One of his posts was just Trump’s name over and over again.

He wasn’t the only one praising Trump; Jeremy Siegel, a finance professor at the Wharton School at the University of Pennsylvania, also praised the president-elect, calling him the “most pro-stock” president in U.S. history.

“President-elect Trump is the most stock market-friendly president we’ve had in our history,” he told CNBC’s Squawk Box. “He measured his success in his first term by how well the stock market performed. You know, it seems to me very unlikely that he will implement policies that will have a negative impact on the stock market.”

Chief among these measures were Trump’s corporate tax cuts in 2017, which led to a historic shift in fortunes from the middle class to the wealthiest Americans.

Siegel praised the cuts but said other proposed tax cuts would likely be difficult for Trump to pass.

“I think extending his 2017 tax cuts looks pretty much like a slam dunk, but extending it to all of his other tax cuts will certainly be much more difficult,” he told CNBC. Just like in 2016, the market recovered after Trump’s election, the Dow closed at 259.65 points, the S&P 500 Index closed at 22.44 points and the Nasdaq closed at 22.44 points, up 17.32 percent.