PSQ Holdings doubles, becoming latest stock to rip higher on news of Donald Trump Jr.'s involvement

cnbc.com:

Talk of Donald Trump Jr. joining the board of PSQ Holdings sent shares of the owner of the online marketplace PublicSquare skyrocketing on Tuesday.

The stock surged more than 130% in morning trading after Bloomberg News reported, citing people with knowledge of the matter, that the eldest son of President-elect Donald Trump could join PSQ's board as early as Tuesday.

PublicSquare is a commerce and payments company with a focus on "life, family, and liberty." PSQ is a microcap stock with a market capitalization of only $72 million as of Monday's close.

For the September quarter, the firm had net revenue of $6.5 million and operation losses of more than $14 million. West Palm Beach, Florida-based PSQ is a 16-minute drive from Mar-a-Lago, the president-elect's primary residence.

PSQ Holdings declined CNBC's request for comment.

Just last week, Trump Jr. joined the board of Unusual Machines, a small U.S. drone and drone component maker, sending its shares up as much as 100% on the day of the announcement.

In November, Trump Jr. joined venture capital firm 1789 Capital as a partner. The firm invests in products and companies aimed at conservatives and its investments include Tucker Carlson's media company. 

PSQ director Kelly Loeffler, a former U.S. senator from Georgia, bought 1.2 million shares of the payments company on Oct. 24 for about $3.25 million, according to a regulatory filing. Her stake is set to increase in value with Tuesday's rally.