After Javier Milei won the presidential election and defeated Economy Minister Sergio Massa, shares of state-oil firm YPF jumped 40% on Monday. This news caused the stock to soar to a price of $14.90, up 38.82%, just before 2:00 p.m. EST.

Milei has big economic revamp plans for the country, including privatizing YPF and using the US dollar in his administration’s aim to add value to companies and increase their saleability for the benefit of the people in Argentina. The government had nationalized 51% of YPF over ten years ago, taking control from Spain’s Repsol. They now manage substantial shale gas and oil reserves.

If Milei’s plans take off, there could be major economic changes in Argentina as he wants to revive the 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 will focus on managing inflation by deprioritizing the peso over the dollar.

The anticipation of this new economic era is expected to impact exchange rates between currencies, with other Argentina-linked equities also gaining over 20% in value, including Grupo Financiero Galicia and Banco Macro. 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 from his ambitious plans for economic reforms in Argentina’s oil industry and beyond.