Investors haven't cheered the latest Trump-linked company to go public.
GrabAGun Digital Holdings started trading on the New York Stock Exchange on Wednesday after merging with Colombier Acquisition Corp II. Omeed Malik, CEO of the blank-check company, is a Trump campaign and Republican Party megadonor, and Donald Trump Jr., the oldest son of President Donald Trump, is a member of the company's board of directors and an advisor.
After plunging on its first day of trading, the stock dropped again on Thursday. Shares were down as much as 30% to $9.24.
Trading under the ticker PEW and describing itself as the "Amazon of guns," GrabAGun operates in a unique market niche: selling firearms and ammunition over the internet.
Trump Jr. touted the GrabAGun IPO in multiple X posts, stating "What we're doing with @grabagun would have been unthinkable 4 years ago."
The two-day plunge might not be surprising given how other firearm stocks have performed in 2025. Smith & Wesson Brands is down 17% year-to-date, and Sturm Ruger & Company stock has been highly volatile.
Other Trump-linked stocks have had a tough year as well. Trump Media and Technology Corp. is down 44% year-to-date after being among the "Trump trades" expected to benefit from the president's second term.
Marcus Sturdivant Sr., managing member of financial advisory The ABC Squared, nodded to the potentially polarizing nature of a public company whose business is selling guns, especially one directly linked to Trump.
"It is challenging to grow a business when you isolate a large segment before your first stock is issued," Sturdivant said. "There is power in niche marketing, [but that] usually works better in operational sales than in stock market selling," he said.
