Latest news with #GrabAGun
Bloomberg
a day ago
- Business
- Bloomberg
GrabAGun Shares Tank as Trump Jr.'s Pitch Falls Flat
Shares of GrabAGun Digital Holdings Inc. have slumped since their public debut even after Donald Trump Jr. extolled the online firearms retailer. The stock slid about 50% across its first four sessions after trading began on July 16 following a merger with a special-purpose acquisition company. Shares are higher on Tuesday, but are still trading well below their $10 initial public offering price at around $8.50.
Yahoo
4 days ago
- Business
- Yahoo
GrabAGun stock price declines after SPAC merger and listing on NYSE
GrabAGun Digital Holdings, an online firearms store backed by Donald Trump Jr., did not have the stock market debut that he and other shareholders had hoped for. Instead, its shares fell 23% Thursday on their first day of trading on the New York Stock Exchange (NYSE). This new tax deduction in Trump's 'big, beautiful bill' lets people cash in on charitable donations up to $2,000. Here's what to know These are the 3 best questions to ask at the end of your job interview Ikea is launching new smart home products, and they're designed to be extra easy to use The stock, which trades under the ticker PEW, was down again about 1.23% in premarket trading on Friday as of this writing. The president's eldest son had started Wednesday with a triumphant tone. Donald Trump Jr. rang the NYSE's opening bell as people chanted 'USA,' just one day after fellow shareholders had approved GrabAGun's merger with Colombier Acquisition Corp. II, a special purpose acquisition company, or SPAC. He was joined by the SPAC's CEO, Omeed Malik. Trump Jr., who owns 300,000 shares of GrabAGun, according to a filing with the Securities and Exchange Commission (SEC), trumpeted the market debut of a firm that trades in firearms. In an interview with Fox Business, he stated, 'To be able to come back to the New York Stock Exchange and actually take a gun company public feels like such a vindication of all the insanity, all of the 'woke' nonsense that we've been watching and facing for the last decade in America.' GrabAGun raised $179 million in gross proceeds from the merger, according to the company. Malik and Trump Jr. are both also connected to 1789 Capital, as president and a partner, respectively. The decision to merge with a SPAC is an interesting one. Markets experienced a SPAC boom during the early pandemic years, but their bubble has long since burst. In its place is a long list of failed SPAC mergers and—in some cases—lessons learned by companies like BuzzFeed, Virgin Galactic, and 23andMe. This post originally appeared at to get the Fast Company newsletter:
Yahoo
4 days ago
- Business
- Yahoo
Don Jr.'s ‘Amazon of Guns' Immediately Tanks on Stock Market Debut
A gun-selling venture backed by Donald Trump Jr. had an abysmal opening day on Wall Street. GrabAGun—an online firearms marketplace that Don Jr.'s business partner, Omeed Malik, has described as the 'Amazon of guns'—opened on the New York Stock Exchange Wednesday. But Trump and Malik's jubilant chants of 'U.S.A.! U.S.A! at the opening bell turned to frowns as the company's shares plummeted 25 percent by 3 p.m. Don Jr. had bought 300,000 shares in an affiliate company and sits on GrabAGun's board, Bloomberg reported. The share price ended the day 24 percent down, shearing $1 million off Don Jr.'s holdings, though his shares were still worth $4 million at the closing bell. Don Jr. and Malik are partners at 1789 Capital, an investment group that focuses on the 'anti-woke' economy. Representatives for GrabAGun, which traded under the ticker PEW, had argued that gun companies were being 'stymied by 'woke' capital constraints.' Don Jr. called the company's public listing on the stock exchange part of a growing 'counterculture.' 'I heard about it when I was on the campaign trail all over the place,' he said in an interview with Bloomberg. 'People had a genuine fear that their way of life was just going to be able to be turned off.' 'What we're giving them with the cash and the public stock and the notoriety is going to allow them to really grow,' he said, Bloomberg reported. The company's chief executive, Marc Nemati, told Trump Jr.'s podcast, Triggered, last week that the platform was aimed at 'the younger demographic.' 'People like me who buy everything online,' he said. Last month, he told potential investors that millennials and Gen Z 'are now shaping the future of firearms retail.' 'Why shouldn't we be able to buy a firearm, which is protected by the Second Amendment, in the same vein?' he said. GrabAGun marks Don Jr.'s latest business venture. He has joined at least eight corporate boards and advisory committees since his father won the election last year. Don Jr. also serves as executive vice president of development and acquisitions at the Trump Organization, the holding company for most of his father's business ventures. Junior has also served as Director of Trump Media & Technology Group Corp. and as a director at Public Square Holdings Inc. since November. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
Donald Trump Jr-Backed GrabAGun Just Started Trading. How Should You Play PEW Stock Here?
GrabAGun (PEW) went live on the New York Stock Exchange after completing its SPAC merger with Colombier Acquisition Corp. II that raised $179 million. Donald Trump Jr., who joined the board and owns a 1% stake in the online firearms retailer, rang the opening bell. More News from Barchart Insider Trading Alert: Here's Who Bought Nvidia and AMD Stock Before the U.S. Chip Deal with China Peter Thiel Is Betting Big on This Ethereum Treasury Stock. Should You Buy Shares Now? New Reports Call UnitedHealth's Earnings Momentum Into Question. How Should You Play UNH Stock Here? Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. However, the celebratory mood didn't quite translate to investor enthusiasm, with PEW shares losing as much as 20% on July 17. This follows a similarly sizable plunge on Wednesday, July 16. What the Disappointing Debut Means for GrabAGun Stock A sharp decline in a firm's share price on day one is rarely a good omen, and GrabAGun stock is hardly any different. Despite significant revenues and high-profile backing, PEW shares closed significantly below their opening price on Thursday, signaling investor skepticism. SPAC deals often face scrutiny over valuation and long-term viability, and GrabAGun's politically charged branding may have added volatility. While the company claims profitability and a sizable addressable market, the poor debut suggests investors are cautious – either about regulatory risks, competitive pressures, or the sustainability of its growth story. For now, the market seems convinced that GrabAGun's narrative doesn't even begin to justify its current valuation. Why PEW Shares Remain Highly Speculative to Own PEW stock remains unattractive despite a notable pullback on Thursday as it sits right at the intersection of politics and SPAC volatility. GrabAGun operates in a heavily regulated industry, and any shifts in federal or state gun law could impact its business rather significantly. While Trump Jr.'s involvement may attract attention, it also polarizes sentiment, making the stock much more vulnerable to political cycles. SPAC-backed firms often lack the transparency and institutional coverage that conventional IPOs enjoy, leaving retail investors exposed. In short, without a clear roadmap for scaling or diversifying revenue, the SPAC stock remains a speculative play at best rather than a stable investment. On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
Newsweek
5 days ago
- Business
- Newsweek
Donald Trump Jr.-backed gun stock, GrabAGun, fizzles first week on market
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. The gun stock backed by Donald Trump Jr. fizzled on Friday after making its New York Stock Exchange debut two days earlier. It was 1.09 percent down by market close on Friday and continued dropping modestly in after-hours trading. Trump Jr. and his partner, Omeed Malik, helped take GrabAGun public on Wednesday, with Trump Jr. telling FOX Business that his support for the company was a rebuke of "woke" gun-related policies. "I think it's important," he told Fox. "It's what we've talked about for a long time, allowing these great American companies to have the same chance as others that have perhaps been a little bit more politically correct. So to come back as a former New Yorker, a political refugee to the free state of Florida, coming back to the People's Republic and taking a gun company public is like a, sort of a great vindication of so much of what we believe in ... you know, across sectors in this country that many Americans care about and have for decades, but perhaps didn't have the ability to get that sort of equal treatment." Trump Jr. is a board member, shareholder and adviser for GrabAGun and rang the opening bell at the NYSE as the company went public amid chants of "USA" from the trading floor. By the time markets closed that day, the stock had tanked sharply, falling more than 20 percent that day. Malik, meanwhile, is a Republican megadonor and the head of Colombier Acquisition Corp. II. This is a breaking news story. Updates to follow.
