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Unusual Machines Stock Hits Another Record on Donald Trump Jr Advisory Role
Key Takeaways
Shares of Unusual Machines ( UMAC ) rocketed upward for a second straight session Friday after the drone parts maker announced that Donald Trump Jr. had joined its advisory board.
The move raised questions about whether the addition of President-elect Donald Trump's eldest son was designed to give Unusual Machines a leg up in securing government contracts. However, The Wall Street Journal reported Wednesday that Chief Executive Officer (CEO) Allan Evans rejected that premise, saying, "I would never ask him to do anything or facilitate anything like that."
Evans explained in the company's press release that Trump Jr. "brings a wealth of experience and I look forward to his advice and role within the Company as we continue to build our business."
Trump Jr. Says US Must Stop Buying Chinese-Made Drones, Parts
Trump Jr. wrote that "the need for drones is obvious," and the U.S. must stop buying Chinese-made drones and drone parts. He added that "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 Journal noted that Trump Jr. owns more than 331,000 shares of the company.
Unusual Machines began publicly trading in February, and the Trump Jr. news sent shares to all-time highs in the past two sessions. They were up 32% to $13.03 in recent trading after soaring 85% Wednesday.
