Donald Trump Jr. joins a drone maker’s board — and the stock soars 90%
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Drone maker Unusual Machines (UMAC+82.28%) announced Wednesday that President-elect Donald Trump’s eldest son, Donald Trump Jr., will join its advisory board. That sent the little-known company’s stock soaring.
Allan Evans, chief executive officer of Unusual Machines, said in a statement that Trump Jr. “provides us unique expertise we need as we bring drone component manufacturing back to America.”
Shares of the Orlando, Florida-based company climbed 89% Wednesday, trading at about $10. Unusual Machines has a market capitalization of $67.18 million.
The move does not appear to be related to the younger Trump’s recent decision to join venture capital firm 1789 Capital.
“The need for drones is obvious. It is also obvious that we must stop buying Chinese drones and Chinese drone parts,” Donald Trump Jr. said in a statement. “I love what Unusual Machines is doing to bring drone manufacturing jobs back to the USA and am excited to take on a bigger role in the movement.”
The company has put a particular emphasis on onshoring drone production and component manufacturing, in a similar vein with the president-elect’s hardline stances on tariffs and other import restrictions.
“By reducing reliance on foreign-made products and strengthening domestic supply chains, Unusual Machines is helping to safeguard U.S. technological leadership in the drone industry,” the company said in its announcement.
Unusual Machines began trading on the New York Stock Exchange in February, under the ticker UMAC, after completing an initial public offering of 1.25 million shares at a price of $4 each, valuing the company at $5 million.
Since going public, the company’s shares are up 250%. As of Wednesday morning, they hit an all-time high of $11.67 in intraday trading, boosted by the Trump connection. Shares closed at $5.36 on Tuesday.
