After Javier Milei’s victory in the presidential election, shares of state-owned YPF jumped 40% on Monday. This news prompted the stock to soar to 38.82% at a price of $14.90 just before 2:00 p.m. EST.

If Milei’s plans take off, there could be major economic changes in Argentina. Milei wants to revive the country’s economy by using the US dollar and possibly selling off state-run companies such as YPF. He mentioned in a radio interview that his administration’s aim is to add value to companies and increase their saleability, which will benefit the people of Argentina. The government had nationalized 51% of YPF over ten years ago, taking control from Spain’s Repsol, but now manages substantial shale gas and oil reserves.

Argentine stocks and dollar bonds all performed well on Monday, presumably in response to Milei’s sweeping victory. Other Argentina-linked equities, such as Grupo Financiero Galicia and Banco Macro, also gained over 20% in value. The Global X MSCI Argentina ETF saw gains as well, going over 11.6% soon after midday in New York.

Milei described his election win as the defeat of a decadent model, asserting that there is no turning back. To manage Argentina’s historic inflation, a plan is set to deprioritize the peso over the dollar