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Trump Jr.’s GrabAGun IPO Tanks 53%

Presidential son Donald Trump Jr. strode onto the NYSE floor on Tuesday, rang the opening bell, and launched into a chant of “USA! USA!” during the public debut of GrabAGun Digital Holdings (NYSE: PEW). He branded the IPO as a triumph over “all the ‘woke’ nonsense we’ve been watching for the last decade.”

Two trading sessions later, the stock had spiraled down 53% from its $21.40 open to about $10.01, wiping roughly $1.8 million off the value of the 300,000-share stake Trump Jr. pockets for his board seat.

You can read more on the matter here.

What’s going on?

• Professor Says Canada’s Dairy, Poultry Policies Cost Consumers (theDeepDive)

• Canada, 24 other nations urge Israel to end war in Gaza, condemn ‘drip feeding of aid’ (Globe)

• BHP’s $7.4B Potash Gamble Hits Major Snags in Saskatchewan (theDeepDive)

• EU will make UK pay to join €150bn defence fund (FT)

• China’s Gallium Dominance Threatens 11,000 US Defense Components, Analysis Finds (theDeepDive)

• Mexico sees no reason for US to impose sanctions on airlines (Reuters)

• China Adds Electric Vehicle Battery Technologies to Export Restriction List (theDeepDive)

• Harvard seeks $2.6-billion in funding restored in legal battle with Trump (Globe)

• Trump’s Vein Condition Is ‘Common’ and ‘Benign’, Bruised Hand from ‘Frequent Handshaking’ (theDeepDive)

What’s the latest?

• Stocks: U.S. stocks opened slightly higher, with the S&P 500 up 0.3%, the Nasdaq up 0.4%, and the Dow rising 52 points. Verizon rose 3% after beating earnings expectations and raising forecasts, while Block surged 6.7% on news it will join the S&P 500. Cleveland-Cliffs rallied 6.8% after reporting record steel shipments, citing benefits from tariffs. Meanwhile, 10-year Treasury yields fell to 4.38%, and Japan’s ruling party lost control of both legislative houses, raising expectations of more government spending.

• Figma: Figma plans to raise up to US$1.03 billion in its NYSE IPO at a valuation of up to US$16.4 billion. The design software firm posted 46% revenue growth in Q1 2025 and holds US$70 million in bitcoin ETFs. Its IPO follows a failed US$20 billion Adobe deal. Risks include AI disruption, immigration limits, and global trade tensions.

• Economics: U.S. Treasury Secretary Scott Bessent called for a review of the Federal Reserve, questioning its effectiveness and criticizing its response to tariffs. He declined to confirm whether he advised President Trump against firing Fed Chair Jerome Powell. Trump has criticized Powell over interest rates and a $2.5 billion Fed HQ renovation. Powell’s term as chair ends in May 2026.

• Stellantis: Stellantis expects a €2.3 billion (US$2.68 billion) net loss in the first half of 2025, mainly due to U.S. tariffs and major charges. This includes €300 million in tariffs and €3.3 billion in pre-tax charges from program cancellations, restructuring, and regulatory changes. The automaker, now led by new CEO Antonio Filosa, had suspended financial guidance in April.

• Tariffs: The U.S. confirmed it will enforce a 30% tariff on EU goods starting August 1, unless a deal is reached. Trade between the two totaled €1.68 trillion in 2024, with the EU holding a €50 billion surplus. Trump is reportedly pushing for a 15–25% auto tariff, raising fears of a major hit to EU exports. The EU is preparing countermeasures on $93 billion worth of U.S. goods, signaling a more aggressive stance.

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The stock market and stuff

• Cresco Labs To Exit Operations In California (theDeepDive)

• Microsoft hit with SharePoint attack affecting global businesses and governments (CNBC)

• Trump Jr.’s GrabAGun IPO Recoils Hard, Flops By 53% From Debut (theDeepDive)

• Ethereum Crypto Treasury to Go Public in $1.5 Billion SPAC Deal (Bloomberg)

• Sheffield Renounces Exxon Board Seat Following Pioneer Acquisition Debacle (theDeepDive)

In the juniors

• Osisko Development Secures US$450 Million In Project Financing For Cariboo Gold Project (theDeepDive)

• Abitibi Metals Expands Mineralization with Successful Step-Out Drilling at B26 Deposit (JMN)

• Patriot Battery Metals Reports Initial Resource For Caesium At Flagship Project (theDeepDive)

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