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In a recent development that has drawn attention in the financial world, shares of Dominari Holdings experienced a remarkable surge after the announcement that Donald Trump’s sons, Donald Trump Jr. and Eric Trump, will be joining the company’s advisory board.
The stock price soared by as much as 83.9% to reach an all-time high, before stabilizing at approximately 30% higher by the end of the trading session. Dominari Holdings, classified as a microcap with a market capitalization of around $51.5 million, is engaged in various financial activities including wealth management, investment banking, and sales and trading through its subsidiaries, according to FactSet.
Both Trump Jr. and Eric Trump participated in a recent funding effort for the company. On the same day, Dominari announced a significant $13.5 million registered direct and private placement offering, along with a declaration of a special cash dividend amounting to $4 million.
Dominari’s CEO, Kyle Wool, expressed the firm’s ambition to seek out investment opportunities, specifically in the burgeoning fields of artificial intelligence and data centers.Â
In a statement, Trump Jr. emphasized the critical importance of AI, noting, “AI is advancing at an unprecedented pace and has the potential to revolutionize industries and transform the way companies do business.” He stated that leveraging such transformative technologies aligns with the ‘America First’ agenda, underscoring the need for substantial capital investment and strategic planning. He looks forward to participating actively in discussions at Dominari regarding these initiatives.
This move is not the first for Trump Jr. in the corporate sector since his father’s presidency; in December, he was appointed to the board of PSQ Holdings, which owns the online marketplace PublicSquare. Additionally, he joined the board of Unusual Machines, a company recognized for its contributions to drone technology and components.
Moreover, in November, Trump Jr. took on a partnership role at 1789 Capital, a venture capital firm that invests in companies and products catering to conservative audiences; this includes investments in media entities such as Tucker Carlson’s media company.
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