Don Jr.-backed gun retailer GrabAGun debuts on NYSE
GrabAGun, an online firearms retailer whose board includes Donald Trump Jr., began trading on the NYSE after a SPAC merger that raised $179 million in gross proceeds.
What happened
Trump Jr., a partner at 1789 Capital, was projected to hold about 300,000 shares (roughly 1%). Shares fell more than 20% in the hours after he rang the opening bell; the SPAC sponsor was led by a Republican megadonor.
Why it matters
A firearms company recruited the president's son for his name and political brand ahead of a public listing, giving him an equity stake and board seat in a sector regulated by agencies under his father's administration.