Another 'Trump Concept'? Public Square Soars 160% as Donald Trump Jr. Joins the Board
This Tuesday (December 3), another little-known small-cap stock surged due to the 'Trump concept.' The website operator briefly soared 160% in early trading, reaching $4.07 at the time of writing, up 97.57%:
According to reports, Donald Trump Jr. will join the company's board of directors.
It is reported that the company aims to connect 'patriotic' businesses with consumers and is committed to building a so-called 'parallel economy,' defined as prioritizing faith and family.
According to an insider, PSQ is led by CEO Michael Seifert, who met Trump in 2022 through Trump's advisor Alex Brusewitz.
Subsequently, Donald Trump Jr. introduced him to Omid Malik and Nick Ayers. Malik agreed to take PSQ public via a special purpose acquisition company (SPAC) in February 2023; Ayers is a board member of PSQ and previously served as chief of staff to former Vice President Mike Pence. According to the insider, Donald Trump Jr. invested in the company earlier this year and currently holds over 550,000 shares.
In October, PSQ launched a payment company, expected to process over $1.8 billion in gun and gun-related transactions next year. In last month's earnings call, Seifert stated that the company might achieve positive cash flow by the end of 2025.
Notably, there was also a small-cap stock that surged nearly 600% because Donald Trump Jr. joined the company's advisory board, but the momentum has since faded, dropping over 20% after a nearly 20% decline on Monday.