Donald Trump Jr.-backed gun stock, GrabAGun, fizzles first week on market
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Gabe Whisnant is a Breaking News Editor at Newsweek based in North Carolina. Prior to joining Newsweek in 2023, he directed daily publications in North and South Carolina. As an executive editor, Gabe led award-winning coverage of Charleston church shooter Dylan Roof's capture in 2015, along with coverage of the Alex Murdaugh double murder trial. He is a graduate of the University of North Carolina-Wilmington. You can get in touch with Gabe by emailing g.whisnant@newsweek.com. Find him on Twitter @GabeWhisnant.
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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.
