Trump Jr. Joins Board of PublicSquare Owner, Shares Surge
Donald Trump Jr., the son of former US President Donald Trump, is set to join the board of PSQ Holdings Inc., the company behind online marketplace PublicSquare. This news sent PSQ’s shares soaring, nearly doubling in early New York trading.
A Platform for “Patriotic” Businesses and Consumers
PublicSquare aims to connect like-minded businesses and consumers who prioritize faith and family. The platform seeks to create a “parallel economy” that supports these values. At the helm of PSQ is CEO Michael Seifert, who met Trump Jr. in 2022 through a mutual friend.
A Network of Influential Connections
Trump Jr.’s involvement with PSQ began when he introduced Seifert to Omeed Malik, who took the company public in February 2023 through a special purpose acquisition company. He also introduced Seifert to Nick Ayers, a member of PSQ’s board and former chief of staff to Vice President Mike Pence. Trump Jr. invested in the company early in 2023 and currently owns over 550,000 shares.
A Payments Company with Big Ambitions
In October, PSQ launched a payments company, which expects to process over $1.8 billion in gun and firearm-related transactions next year. During an earnings call last month, Seifert expressed optimism about the company’s prospects, predicting positive cash flow by the end of 2025.
Market Reaction
PSQ’s shares had tumbled 61% this year before the news of Trump Jr.’s board appointment. However, following the announcement, the stock jumped 92% to $3.95 in early New York trading, giving the company a market capitalization of $71.6 million.
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