Donald Trump Jr. joins PSQ Holdings’ board, sending shares skyrocketing 270%

News of Donald Trump Jr. joining the board of PSQ Holdings sent shares of the owner of the online marketplace PublicSquare skyrocketing on Tuesday.

The stock surged 270.4% to $7.63 after the company announced that the eldest son of President-elect Donald Trump is joining PSQ’s board. Bloomberg News reported on the move earlier Tuesday.

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.

“Don has been an investor in PublicSquare since before our IPO,” Michael Seifert, chairman and CEO of PublicSquare, said in a statement. “Don’s passion for creating a ‘cancel-proof’ economy, his years of strategic business experience, and his leadership within the shooting sports industry offer important expertise at the board level.”

For the September quarter, the firm had net revenue of $6.5 million and operating 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.

“With a rapidly growing marketplace and payments ecosystem, PublicSquare has a distinct position in the market based on the core tenets of our nation’s founding, paired with a results-driven management team,” Trump Jr. said in a statement. “The American people have affirmed the importance of liberty, and PublicSquare is at the forefront of this movement.”

Just last week, Trump Jr. joined the board of Unusual Machines, a small U.S. drone and drone component maker, sending its shares up as much as 100% on 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, a 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 increased in value drastically with Tuesday’s rally.