The online retailer Grabagun saw a rise of 2.23% during its trading debut on the NYSE, following a challenging first day that ended with a 23% drop. Board member Donald Trump Jr. mentioned that 1789 Capital, the venture capital firm he joined last November, hasn’t continued funding businesses he deems vital for America’s future.
“A lot of our experiences over recent years were quite humiliating, not just for us but for many Americans,” Trump Jr. stated, indicating he might own around 300,000 shares in Grabagun this week.
The atmosphere at the New York Stock Exchange on Wednesday morning was lively, with chants ringing out as Omaid Malik, founder of 1789 Capital, and Mark Nemati, CEO of Grabagun, sounded the opening bell.
Trading under the ticker symbol Pugh, Grabagun is the latest player to go public via a Special-Purpose Acquisition Company (SPAC). Notably, Jeffrey Sprecher, the chairman and CEO of Intercontinental Exchange, which owns the NYSE, announced that this was the first SPAC listing to occur without any shareholder redemptions.
This year alone, over 60 SPACs have made their public debut, collectively raising about $12.4 billion according to Dealogic, marking a significant resurgence in the SPAC market which accumulated $162.6 billion overall.
Omeed Malik, the president of 1789, expressed his readiness to enter the public sphere, emphasizing a focus on ESG (environmental, social, and governance) investments. He coined the term Eig—encompassing entrepreneurship, innovation, and growth—to define the focus of 1789 Capital.
“It’s about more than just the economy,” Malik remarked. “We’re looking to invest in companies that can bolster security and prosperity in the U.S.”
The sectors they’re interested in range from defense technology to support for U.S. reindustrialization, particularly around rare earth minerals or innovative AI ventures that could disrupt inefficient systems.
When the public online marketplace was launched in 2022, Trump and Malik painted their move as a reaction to perceived ideological censorship from large tech companies.
Two years later, this perspective is now more mainstream. The name 1789 Capital, referencing the year the Bill of Rights was proposed, reflects their vision of investing in businesses that have been sidelined for not being considered politically correct.
Through Colombier Acquisition Corp., a SPAC linked to 1789 Capital, the duo has made strides in pushing their agenda onto Wall Street. Malik, a major Republican donor, also promotes Rumble and is connected to initiatives that protect free speech and revisionism.
