Following the announcement that Donald Trump Jr. had joined its advisory board, shares of a little-known drone firm shot up Wednesday morning.
The hiring was revealed in an early-morning news release by Unusual Machines, an Orlando, Florida-based company that was founded just two years ago after it purchased a drone maker and a different drone retailing company.
In the release, Unusual Machines CEO Allan Evans stated, “Don Jr. joining our board of advisors gives us unique expertise we need as we bring drone component manufacturing back to America.” He has a plethora of knowledge, and I am looking forward to his guidance and contribution to the company as we grow.
Drones are clearly needed. In the statement, Trump Jr. stated, “It is also clear that we must stop purchasing Chinese drones and Chinese drone parts.” I’m thrilled to play a larger part in the movement and appreciate what Unusual Machines is doing to bring drone manufacturing employment back to the United States.
Due to high trading volume following the publication, Unusual Machines’ stock almost doubled to over $10.
Trump Jr. was once the second-largest shareholder of Unusual Machines, according to a separate securities filing on Wednesday.
The spike in the stock price shows how much a company’s fortunes may change for the better or worse when it is associated with the Trump brand.
When Donald Trump mentioned a firm or one of its executives on social media during his first term as president, shares of that company may have dropped or increased, posing meaningful dangers or opportunities for investors.
In the securities filing, Unusual Machines ironically mentions how much it depends on Chinese imports, which Trump has stated will be subject to punishing tariffs once he assumes office.
A request for comment from Unusual Machines was not immediately answered.
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