Nov 27, 2024 - Economy
Charted: Drones, to the moon
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Unusual Machines has had a most unusual day.
- Shares of the U.S.-based drone maker took off after the company announced Donald Trump Jr. — the President-elect's eldest son — had joined its advisory board.
What he's saying: "The need for drones is obvious. It is also obvious that we must stop buying Chinese drones and Chinese drone parts," Trump Jr. said in the company's statement.
- The intrigue: Unusual Machines, which reported just $3.6 million of revenue for the nine months through September, noted in a regulatory filing today that President-elect Trump's threatened tariffs on China could impact the drones it uses in its B2C business.
The company's shares surged over 110% today before closing up 85% at $9.89, adding about $38 million of market value.
Zoom out: Trump Jr. had previously signaled a focus on investing rather than taking a role in his father's administration.
- Earlier this month he announced he was joining 1789 Capital, a firm with a conservative-driven investment philosophy.
