By Ben Glickman
Shares of Unusual Machines soared Wednesday after the company said Donald Trump Jr. had joined the company's advisory board.
The stock more than doubled in morning trading to $11.45, reaching its highest intraday level since the company's initial public offering in February. Shares have increased nearly sevenfold in the last three months.
The Orlando, Fla., company, which makes drone parts and sells consumer-use drones, said early Wednesday that Trump's expertise would help as the company expands its product line and reduces reliance on foreign-made products.
"The need for drones is obvious. It is also obvious that we must stop buying Chinese drones and Chinese drone parts," Trump said in a statement.
DJI, a Chinese drone maker, is the dominant player in the drone space.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
November 27, 2024 10:35 ET (15:35 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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