Donald Trump Jr. speaks to the media at the end of the debate between Republican vice presidential candidate U.S. Senator JD Vance (R-OH) and Democratic vice presidential candidate Minnesota Governor Tim Walz, hosted by CBS in New York, USA, October 1, 2024.
Brendan Mcdermid | Reuters
News of Donald Trump Jr.’s accession to the board of directors PSQ holdings Shares of the owner of the online marketplace PublicSquare shot up on Tuesday.
The stock rose as much as 175% in afternoon trading after the company announced that President-elect Donald Trump’s eldest son will join PSQ’s board. Bloomberg News reports this on the road on Tuesday.
PublicSquare is a commerce and payments company focused on “life, family and freedom.” PSQ is a microcap stock with a market cap of just $72 million as of Monday’s close.
“Don has been an investor in PublicSquare since before our IPO,” Michael Seifert, chairman and CEO of PublicSquare, said in a statement. “Don’s passion for creating a ‘cancellation-proof’ economy, his years of strategic business experience and his leadership within the shooting sports industry provide important expertise at the board level.”
For the September quarter, the company had net sales of $6.5 million and operating losses of more than $14 million. West Palm Beach, Florida-based PSQ is a 16-minute drive from Mar-a-Lago, the president-elect’s primary residence.
“With a rapidly growing marketplace and payments ecosystem, PublicSquare has a distinctive position in the marketplace based on the core principles of our country’s founding, combined with a results-oriented management team,” said Trump Jr. in a statement. “The American people have affirmed the importance of freedom, and PublicSquare is at the forefront of this movement.”
Just last week, Trump Jr. resigned. joins the board of Unusual Machines, a small US company drone and drone component makersending shares soaring by as much as 100% on the day of the announcement.
In November, Trump Jr. resigned. as a partner at venture capital firm 1789 Capital. The company invests in products and companies aimed at conservatives, including investing in Tucker Carlson’s media company.
PSQ CEO Kelly Loeffler, a former U.S. senator from Georgia, bought 1.2 million shares of the payments company for about $3.25 million on Oct. 24, according to a regulatory declaration. Her stake is expected to rise in value during Tuesday’s rally.