Conservatives were hoping to become rich off of the MAGA alternative to Amazon, but it has turned into a burning disaster.
According to the Wall Street Journal, PublicSquare, the MAGA-branded marketplace that was launched in 2023 with Donald Trump Jr. yelling “USA, USA” on the New York Stock Exchange floor, has nearly collapsed, and the president’s eldest son has been cashing huge checks the entire way down.
The article states that since going public, PublicSquare has lost around $160 million and seen a devastating 99% decrease in stock value. In light of the company’s dismal performance, the New York Stock Exchange has also issued a warning that it may remove the stock.
Nonetheless, beginning in 2024, Trump Jr. was reportedly pocketing $42,000 monthly in consulting payments. He earned over $500,000 last year, surpassing even the company’s CEO, who reportedly resigned in January after receiving a relatively modest $300,000 pay.
The investigation also claims that two of Trump Jr.’s acquaintances were involved in the plot. Omeed Malik, a friend of Junior’s, established a business that amassed almost $650,000. The report states that former Trump official Nick Ayers made nearly $400,000. It goes on to say that the company’s marketplace didn’t catch on with consumers and that its business model eventually collapsed after President Trump backed tech companies he had criticized during his campaign.
The corporation ruined its marketplace, fired 41% of its employees, scrapped its streaming program, and abandoned a diaper brand that opposed abortion this year.
Proponents of the business claim Junior deserved every cent. “Mr. Trump’s compensation reflected the fact that he is a well-known public figure who speaks directly to an audience the Marketplace was built to reach,” said William Kent, head of investor relations at PublicSquare.
He may face disapproval from the investors who had faith in him.
