Trump Jr.-Backed PublicSquare Racks Up Nearly $160 Million in Losses as Shares Collapse 99 Percent
Key Takeaways
- •PublicSquare went public in 2023 through a merger with a special-purpose acquisition company and was promoted as an “anti-woke” marketplace for conservative consumers.
- •The company’s share price has dropped 99%, putting it at risk of NYSE delisting if it remains below $1 for 30 consecutive trading days.
- •PublicSquare said this year that it was leaving e-commerce for financial technology, while also cutting 41% of its staff and canceling a streaming program.
- •The company has recorded cumulative losses of nearly $160 million since its stock trading began, with net losses of $57.6 million in 2024 and $36.6 million in 2025.
- •Donald Trump Jr. received consultancy fees from the company, including $42,000 per month starting in 2024 and more than $500,000 in 2025.
PublicSquare, the online marketplace launched as a MAGA-aligned alternative to mainstream e-commerce with the backing of Donald Trump Jr., is facing severe financial difficulties and a 99 percent collapse in its share price, according to BGNES, which cited a report by the Wall Street Journal.
“Despite initial expectations, the conservative marketplace failed to gain traction, resulting in cumulative losses of nearly $160 million from the start of its stock trading in 2023 through the end of July this year,” BGNES reports.
PublicSquare debuted on the New York Stock Exchange in 2023 after going public through a merger with a special-purpose acquisition company, an event Trump Jr. promoted as the launch of an “anti-woke marketplace” aimed at conservative, “patriotic and religious consumers.” The venture was part of a broader conservative push to build a “parallel economy” of right-leaning alternatives to mainstream retail and media, but the business model soon unraveled, leaving the company at risk of being delisted. Under NYSE rules, an average share price that remains below $1 over 30 consecutive trading days can set off compliance procedures that may end in delisting.
This year, PublicSquare announced that it was abandoning e-commerce in favor of financial technology, cutting 41 percent of its workforce and cancelling a streaming program.
As is typical of many star-driven businesses, BGNES reports that the company's financial difficulties are also linked to princely consultancy costs. “Since 2024, shortly after Donald Trump won the presidential election, the West Palm Beach, Florida-based company had been paying Trump Jr. $42,000 a month in consultancy fees. Last year, the president's son earned more than the company's then-chief executive, while in 2025 he received more than $500,000,” BGNES reports. “Former Trump administration official Nick Ayers and a firm run by Trump Jr. ally Omeed Malik also received hundreds of thousands of dollars in consultancy fees.”
According to financial filings, the company's net losses have “significantly exceeded revenue” — $57.6 million in 2024 and $36.6 million in 2025.
