If you happen to’re a red-blooded, burger-chompin’, freedom-lovin’ American, you gotta take a look at Donald Trump Junior’s modern new firm, GrabAGun.
Calling itself “the Amazon of Weapons,” GrabAGun is revolutionizing the way in which Individuals hoard firearms, providing consumers a digital arsenal of pistols, shotguns, rifles, and muzzleloaders shipped straight to their entrance door.
Although there are practically 78,000 brick and mortar gun dealers within the US — greater than the variety of McDonald’s, Burger Kings, Subways, and Wendy’s shops mixed — GrabAGun is solely on-line. That is fairly hip!
However how is that this completely different from the hundreds of different eCommerce gun websites already on the net, you ask? Properly, this one’s traded on the New York Inventory Trade, for one. And in case you missed it, Donald Trump Jr is sitting on the manager board. Is that sufficient for you?
As a result of it positive wasn’t for buyers, who snubbed GrabAGun when it opened for public buying and selling on the NYSE Wednesday morning.
“To have the ability to come again to the New York Inventory Trade and really take a gun firm public seems like such a vindication of all of the madness, the entire ‘woke’ nonsense that we have been watching and going through for the final decade in America,” Trump Jr told Fox Business earlier than the markets opened.
After ringing the opening bell — however not earlier than starting a chant of “USA! USA!” — Trump Jr acquired a front-row seat to look at his pet challenge plummet into the bottom.
Although shares of GrabAGun opened at $21.40 — beneath the cutesy ticker “PEW,” no much less — they shortly dropped round 24 % after a brief spike, ending the day at $13.20. Shares slid additional the second day, to round $10.2o on the time of writing, although Trump Jr’s equity compensation is nonetheless price a bit over $3 million.
Nonetheless, whereas Trump Jr’s dopey antics are like a siren track for the mainstream press — keep in mind that horrific photo of him brandishing a severed elephant’s tail? — GrabAGun’s inventory flop might need extra to do with its merger with Colombier Acquisition Corp. II, a particular function acquisition firm, or SPAC.
A SPAC is mainly a shortcut to taking an organization public. First, executives elevate cash by a shell firm — $179 million, on this case — then merge with the entity trying to fast-track an IPO, on this case GrabAGun.
Monetary analysts have argued that, after a merger, SPACs virtually at all times lead to negative returns for all however the earliest buyers, making them the weapon of selection for sleazy celebrity dealmakers like Trump Jr. Although he’ll possible nonetheless sit on the board for the foreseeable future, it is fairly apparent that GrabAGun is yet one more cynical cash-grab by Trump senior’s darling boy.
The chance of GrabAGun rallying appears slim, particularly given the noxious stigma SPACs have earned over the previous 5 years. However so far as the president’s spawn is anxious, it appears the apple hasn’t fallen too far from the tree.
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