Trump Brothers Join Fintech Firm, Sparking Stock Surge
Donald Trump Jr. and Eric Trump have made a significant move into the fintech sector, joining the advisory board of Dominari Holdings. The company, which recently transitioned from biotech to fintech, saw its stock price soar following the announcement, with shares rising to 84% on Tuesday.
Dominari Holdings, originally incorporated as Spherix in 1967, has undergone several transformations over the years. Previously known as Aikido Pharma between 2017 and 2022, the company has shifted its focus from sweeteners to anticancer and antiviral therapeutics, and now to acquiring fintech and financial services companies. In March 2023, Dominari completed its first acquisition of a broker-dealer and investment advisory business.
The involvement of the Trump brothers has had a significant impact on Dominari’s stock performance. The company’s shares have surged nearly sevenfold this year, with a notable increase following the announcement of their participation. On Tuesday, shares closed 21% higher at $7.46, although they experienced a slight decline of about 4% in morning trading on Wednesday.
As part of their involvement, the Trump brothers have agreed to participate in a private placement announced by Dominari. Kyle Wool, CEO of Dominari’s securities business and a personal friend of the Trumps, described them as “very great businessmen.”
Both Donald Trump Jr. and Eric Trump have emphasized the strategic importance of their involvement, particularly about artificial intelligence and data center investments. Donald Trump Jr. stressed the significance of AI in advancing the “America First agenda,” while Eric Trump highlighted its role in supporting growth and global competitiveness.
The brothers’ participation in Dominari Holdings marks a notable expansion of their business interests into the rapidly evolving fintech sector, potentially signaling a new direction for the Trump family’s business endeavors.
