Talks of Donald Trump Jr. joining the board of PSQ Holdings sent the owner of the online marketplace PublicSquare skyrocketing on Tuesday.
The stock surged more than 130% in morning trading after Bloomberg News reported, citing people with knowledge of the matter, that the eldest son of President-elect Donald Trump could join PSQ’s board as early as Tuesday.
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PublicSquare is a commerce and payments company with a focus on “life, family, and liberty.” PSQ is a microcap stock with a market capitalization of only $72 million as of Monday’s close.
For the September quarter, the firm had net revenue of $6.5 million and operation 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.
PSQ Holdings declined CNBC’s request for comment.
Just last week, Trump Jr. joined the board of Unusual Machines, a small U.S. drone and drone component maker, sending shares up as much as 100% the day of the announcement.
In November, Trump Jr. joined venture capital firm 1789 Capital as a partner. The firm invests in products and companies aimed at conservatives and its investments include Tucker Carlson’s media company.
PSQ director Kelly Loeffler, former U.S. Senator from Georgia, bought 1.2 million shares of the payments company on Oct. 24 for about $3.25 million, according to a regulatory filing. Her stake is set to increase in value with Tuesday’s rally.