Dominari Holdings shares shot up Tuesday after the holding company announced that President Donald Trump‘s sons — Donald Trump Jr. and Eric Trump — have joined its advisory board.
The stock surged as much as 83.9% to a record high before trading about 30% higher. Dominari is involved in wealth management, investment banking, sales and trading through its subsidiaries. It is a so-called microcap company with a market cap of roughly $51.5 million, per FactSet.
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Trump Jr. and Eric Trump participated in a recent private placement funding round in the company. Dominari on Tuesday announced a $13.5 million registered direct and private placement offering, while its board also declared a special cash dividend of $4 million.
Dominari CEO Kyle Wool said his firm is looking for investment opportunities, particularly in the artificial intelligence and data center industries.
“AI is advancing at an unprecedented pace and has the potential to revolutionize industries and transform the way companies do business,” Trump Jr. said in a statement. “Harnessing this transformative technology is essential to the ‘America First’ agenda. It will require significant capital investment and strategic planning, and I look forward to contributing to those discussions at Dominari.”
This isn’t the first corporate board Trump Jr. has joined since his father’s election victory. In December, he was added to the board of PSQ Holdings, the owner of the online marketplace PublicSquare. He also joined the board of Unusual Machines, a small U.S. drone and drone component maker.
In November, the eldest son of Trump 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.