Latest news with #OmeedMalik
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
New York Post
5 days ago
- Business
- New York Post
1789 Capital investing in brands that enhance US prosperity
Online retailer GrabAGun had a 2.23% upswing Friday morning following a rocky start — falling 23% on day one — with its NYSE trading debut Wednesday. But board member Donald Trump Jr. says it won't deter 1789 Capital, the VC firm he joined last November, from continuing to invest in businesses he believes is vital to the future of the US. 'A lot of the things that we've done over the last few years [have come] out of necessity,' Trump Jr., who is projected to own around 300,000 shares in GrabAGun, told NYNext this week. 'We saw the affront on not just ourselves and our family businesses, but on so many Americans — and we have that ability to push back.' 4 Donald Trump Jr. (center) joined 1789 Capital late last year and was front and center at the NYSE bell ringing Wednesday. Getty Images Advertisement 'USA' chants rippled across the floor of the New York Stock Exchange Wednesday morning as Trump Jr., 1789 Capital founder Omeed Malik and GrabAGun CEO Marc Nemati rang the opening bell. Trading under the ticker PEW, GrabAGun is the latest company to go public via special-purpose acquisition company (SPAC). And, as Jeffrey Sprecher — chair and CEO of Intercontinental Exchange, the parent company that owns the NYSE — told Wednesday's crowd, the first to do so with zero shareholder redemptions. 4 GrabAGun's debut marked the first-ever SPAC listing with zero shareholder redemptions. JUSTIN LANE/EPA/Shutterstock Advertisement More than 60 blank-check companies have already gone public this year, raising $12.4 billion so far — the most since 2021, when the SPAC market reached a fever pitch with $162.6 billion raises, according to Dealogic. Omeed Malik, 1789's founder and president, said he believes the public is ready to back businesses previously sidelined by woke investors who prioritize investing in companies promoting environmental, society and governance issues, known as ESG investing. He coined the term EIG — entrepreneurship, innovation and growth — to characterize 1789 Capital's priorities. 4 GrabAGun is a Texas-based online firearms retailer known for its wide selection of guns, ammo and accessories. Getty Images Advertisement 'It's not just parallel economy,' Malik told NYNext this week. 'We want to invest in any company that's going to enhance the security or prosperity of the United States. 'It could be a defense tech company. It could be helping with the re-industrialization of the United States around rare earth minerals. Or it could be a very innovative AI company that's disrupting something inefficient that the American people need.' 4 1789 Capital was founded by Omeed Malik (left) on the thesis that capital markets have become increasingly politicized — and aims to counter that by investing in the EIG (entrepreneurship, innovation and growth) world. AFP via Getty Images Advertisement When Trump and Malik Jr. took online marketplace PublicSquare public in 2022, the move was framed as a response to what they viewed as ideological censorship by Big Tech. This story is part of NYNext, an indispensable insider insight into the innovations, moonshots and political chess moves that matter most to NYC's power players (and those who aspire to be). Two years later, that stance is no longer considered fringe. And 1789 Capital, its name a reference to the year the Bill of Rights was introduced, isn't the only firm looking to tap into a widening appetite for businesses that, as Trump Jr. put it, 'wouldn't have been considered PC, and therefore were overlooked.' Through Colombier Acquisition Corp. — the SPAC affiliated with 1789 Capital — the pair played an outsized role in bringing that agenda to Wall Street. Malik, a mega-donor to the Republican party, has also backed Rumble and is affiliated with Truth Social — both dealing with free speech and First Amendment protections. Send NYNext a tip: nynextlydia@
Yahoo
5 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
Gizmodo
6 days ago
- Business
- Gizmodo
Trump Jr.'s ‘Amazon for Guns' Business Is Firing Blanks
What is the opposite of the Midas touch? Whatever that is, Donald Trump Jr. seems to have it. On Wednesday, an online firearms seller backed by the President's favorite failson went public. It didn't take long for the public to say, 'No thanks.' On Wednesday, the company's stock price took a significant hit by the end of the trading day. GrabAGun is a pretty simple concept. It's an online marketplace that specifically handles guns, ammunition, and firearm accessories. Trump Jr.'s business partner, Omeed Malik, called the company the 'Amazon of guns,' which is kind of a bold choice to name the company that could put you out of business in a snap if it decided it wanted to get into the firearms space. But nonetheless, the company went public Wednesday by merging with a SPAC owned by Malik—a method of going public that has been notoriously unsuccessful. It trades under the ticker PEW. (Feel free to roll your eyes.) Trump Jr. got a morning of glee out of it, ringing the bell to open the New York Stock Exchange and starting a chant of 'U.S.A.' on the trading floor. He went on Fox Business and took a victory lap, too. '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,' he said. 'It's an ultimate triumphant return.' The triumph was short-lived. The company opened trading at $21.44 per share, which quickly sank to around $14 at the close of Wednesday. Things have not improved on Thursday, as the company is down around $10.20 at the time of publication. That's definitely put a dent in Don Jr.'s holdings, as Bloomberg noted that he bought 300,000 shares of the company. GrabAGun is just the latest of many 'anti-woke' operations that Trump Jr. has pursued through his venture capital firm 1789 Capital. Trump's kid has also reportedly invested in the 'enhanced Olympics' that will allow athletes to use performance-enhancing drugs, a Republican social club in Washington, D.C., and the Tucker Carlson Network. If right-wingers can explain businesses with 'progressive' policies like diversity and inclusion taking a hit as 'Go woke, go broke,' surely they can come up with a catchy slogan for when you haphazardly launch an anti-woke business that immediately plunges in value. Maybe 'If it's Don Jr., it's probably a loser.' Just spitballing.
Bloomberg
6 days ago
- Business
- Bloomberg
Trump Jr., Omeed Malik Target US Manufacturing for Next SPAC
After debuting firearm retailer GrabAGun Digital Holdings Inc. on Wednesday, Donald Trump Jr., a partner at 1789 Capital, and the firm's founder Omeed Malik are looking for their next big blank-check deal. The likely theme: the 'reindustrialization' of America, the pair said in a joint interview at the New York Stock Exchange.
