Drone Maker Unusual Machines Soars To Record High As Trump Jr. Joins Advisory Board: Retail Applauds
By Stocktwits Inc | First Published Nov 27, 2024, 9:55 PM ISTThe stock has more than doubled in value in morning trading on Wednesday.
Shares of Unusual Machines ($UMAC) more than doubled in value within an hour of markets opening on Wednesday after the drone maker said that President-elect Donald Trump’s son, Donald Trump Jr., will be joining its advisory board.
“The need for drones is obvious. It is also obvious that we must stop buying Chinese drones and Chinese drone parts,” said Trump Jr in a statement.
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At 10:26 a.m. ET, Unusual Machines’ stock surged 107% to reach $11, setting an all-time high for the company.
Since its February listing earlier this year, its shares have more than quadrupled in value.
On Stocktwits, the nano-cap stock ranked as the second-highest trending during Wednesday’s morning trading, while also leading the overall market in gains.
"Don Jr. joining our board of advisors provides us [with the] unique expertise we need as we bring drone component manufacturing back to America," said Allan Evans, Unusual Machines CEO.
Trump Jr.'s appointment to the board is aimed at helping the company support the U.S. in reducing its reliance on foreign-made products and bolstering domestic supply chains, according to the company’s statement.
President-elect Trump has pledged to impose a 35% tariff on Chinese imports upon taking office in January, a move that could benefit companies like Unusual Machines.
One user on Stocktwits implied that a short squeeze may be on the cards given the surge in the stock’s price.
Another user suggested that Red Cat Holdings ($RCAT) may also benefit from Trump Jr.’s addition to Unusual Machines’ advisory board.
Unusual Machines has been selected to supply the first drone for Red Cat's new FANG line of First-Person View (FPV) systems.
Red Cat’s shares were up 7% in early morning trading on Wednesday.
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