Donald Trump, Jr. and Omeed Malik rang the opening bell at the New York Stock Exchange as renegades. They had just turned PublicSquare, a Yelp-like directory of conservative businesses, into a publicly traded company,

What is the opposite of the Midas touch? Whatever that is, Donald Trump Jr. seems to have it. On Wednesday, an online firearms seller backed by the President’s favorite failson went public. It didn’t take long for the public to say, “No thanks.” On Wednesday, the company’s stock price took a significant hit by the end of the trading day.

Former Bank of America Merrill Lynch executive Omeed Malik, who has emerged as a financier to the Maga economy, runs the Spac that GrabAGun merged with and likens the Texas-based group to an “Amazon of guns”. The Spac holds about $170mn from its public offering in 2023.