Donald Trump Jr. is joining the board of directors of PSQ Holdings Inc., the parent company of the online marketplace PublicSquare, Bloomberg reports, citing sources familiar with the matter.
The announcement sent PSQ shares surging nearly 92% in early New York trading Tuesday.
One source, who requested anonymity as the appointment hadn’t been publicly confirmed, indicated that Trump Jr.’s board appointment is expected as early as Tuesday.
PublicSquare positions itself as a platform connecting “patriotic” businesses with consumers, aiming to build a “parallel economy” emphasizing faith and family values.
The connection between Trump Jr. and PSQ is rooted in a 2022 meeting between CEO Michael Seifert and Trump Jr. through mutual friend and President-elect Donald Trump advisor, Alex Bruesewitz. This introduction subsequently led to Trump Jr. facilitating connections with Omeed Malik, who spearheaded PSQ’s initial public offering (IPO) in February 2023 via a special purpose acquisition company (SPAC), and Nick Ayers, a PSQ board member and former chief of staff to Vice President Mike Pence.
Trump Jr. made an early investment in PSQ earlier this year and currently holds over 550,000 shares. Despite the recent surge, PSQ shares had fallen 61% year-to-date before the announcement, leaving the company with a market capitalization of $71.6 million.
The company’s recent expansion into financial services is notable. In October, PublicSquare launched a payments processing company, projecting over $1.8 billion in gun and firearm-related transactions for 2025. CEO Seifert indicated on a recent earnings call that PSQ may achieve positive cash flow by the end of 2025.
