Donald Trump Jr. Rumors Set Off A Wild Rally In This Micro-cap Stock: Retail Turns Upbeat
By Stocktwits Inc | First Published Dec 3, 2024, 11:50 PM ISTTrump Jr., who began as a partner at investment firm 1789 Capital, is reportedly set to join PSQ’s board as early as Tuesday.
PSQ Holdings, Inc. ($PSQH) shares nearly doubled on Tuesday after President-elect Donald Trump’s son Donald Trump Jr. was rumored to be joining the board of the parent company of marketplace operator and fintech firm PublicSquare, sending retail sentiment soaring higher.
Trump Jr., who began as a partner at investment firm 1789 Capital, is set to join PSQ’s board as early as Tuesday, the Bloomberg report said, citing persons familiar with the matter.
Latest Videos
The West Palm Beach, Florida-based company focuses on “life, family and liberty.”
The micro-cap company’s stock gap opened sharply higher at $4.39, up from Monday’s closing price of $2.06. It traded in a $3.59 to $5.48 on above-average volume and is among the top three gainers on the U.S. exchanges.
The Bloomberg report said Trump Jr. introduced PSQ CEO Michael Seifert to Omeed Malik, who agreed to take the company public through the Special Purpose Acquisition Company (SPAC) route in Feb. 2023. Seifert was also introduced to Nick Ayers, who is currently a board member and earlier served as chief of staff to former Vice President Mike Pence.
Trump Jr. reportedly owns 550,000 PSQ Holdings shares.
In mid-November, PSQ reported a 222% year-over-year (YoY) increase in third-quarter revenue to $6.5 million and a narrower net loss. Its payments platform was launched in late October.
“With our intentional focus on our fintech business and the official launch of our payments platform, we have executed contracts that, if fulfilled in their entirety, could result in annualized payments processing Gross Merchandise Value (“GMV”) of over $700 million,” said Seifert at that time.
The company said it plans to reduce its staff by 35% as it transforms into a tech software company with its B2B focus.
Following speculation around Trump Jr., retail activity around the stock jumped to year-highs with sentiment flipping to ‘extremely bullish’ (96/100) and message volumes surging to ‘extremely high’.
By mid-session, the PSQH stock was up about 79.61% at $3.70 after being down nearly 61% for the year.
For updates and corrections email newsroom[at]stocktwits[dot]com.<
subscribe to Asianet Newsable WhatsApp channel by clicking here. For more reliable and latest news
subscribe to Asianet Newsable Telegram channel by clicking here.