how Donald Trump's allies stand to gain from the anti-woke resurgence

A group of allies in Donald Trump's inner circle are seeking to profit from his re-election and the resurgence of the Maga movement in the United States, with a network of companies positioned to appeal to anti-woke, values-driven sentiment.

This week, companies in the so-called shadow economy, a nascent ecosystem targeting consumers with conservative or Christian values, celebrated Trump's victory as a major boon for their businesses, which have so far had struggling to make significant profits.

Backers include Wall Streeter and campaign megadonor Omeed Malik, former Republican senator Kelly Loeffler and Trump's son Donald Trump Jr, who funded PublicSquare, an e-commerce platform similar to Amazon or eBay for users who value life, family and freedom, and whose main source of income. revenue comes from financing arms sales.

Meanwhile, libertarian investor Peter Thiel and Trump's own vice president, JD Vance, were early investors in Rumble, a right-wing challenger to YouTube. Vivek Ramaswamy will lead, alongside Elon Musk, the Trump administration's efficiency efforts while also running his anti-environmental, social and governance (ESG) asset management company, Strive Asset Management. .

For publicly traded companies, there's hope that Trump's victory will help them do something the Joe Biden years didn't: make a profit. After years of declining sales and heavy losses, the companies, which are positioning themselves as alternatives to woke corporate America, are banking on a reversal of fortune, potentially offering windfalls to their Maga-aligned investors.

I was right that there were enough people who thought the way we spoke from a political and cultural perspective, said Malik, president of PublicSquare and founder of 1789 Capital, his anti-investment firm. ESG. It's an open question whether that's how they feel economically and whether the political movement will translate into trade, but I believe it will.

Peter Thiel was an early investor in Rumble, a right-wing version of YouTube Nordin Catic/Getty Images for The Cambridge Union

During a conference call Tuesday, Chris Pavlovski, Rumble's chief executive, said he's never been more optimistic about our opportunity, adding: Cancel culture is dead. Freedom of expression is now commonplace. And Rumble is in charge.

Rumble went public in 2022 via a deal with a blank check company backed by Cantor Fitzgerald, the Wall Street group led by billionaire Howard Lutnick. Lutnick, Trump's transition co-chair, is vying for Treasury secretary position in the new administration.

Michael Seifert, chief executive of PublicSquare, said: “We are the economic manifestation of the election victory that took place last week, and we have already seen this drive growth for our business, even over the last seven days.

Proponents argue that the shadow economy still has billions of dollars of untapped potential markets and supports sectors seen as lacking capital due to ESG principles, such as arms and munitions. They also say that because Trump won more votes this year than in his first election, the number of potential consumers these companies could attract is increasing.

As Trump takes office, many of these platforms will become more institutionalized, said Sam Woolley, an associate professor of communications at the University of Pittsburgh. They will become an integral part of the system rather than on the periphery of the system.

But he added: Many platforms are seen as too political or too free, leading to the litany of problems that come with it.

Carolyn Schmitt, an academic who tracks several dozen shadow economy groups, said on the left that this type of values-based purchasing has been around for a long time. However, on the right, the shadow economy has developed as a reactionary response to perceived cancel culture and has been closely linked to electoral politics.

This week it emerged that Donald Trump Jr had chosen to join Malik 1789 Capital rather than be part of his father's White House team. The company, founded in 2022, has one investment listed on the PitchBook private markets database: Tucker Carlson Network, the streaming platform created by the right-wing pundit.

We're seeing this convergence between these business ventures and people connected to Donald Trump and elected officials, Schmitt said.

Donald Trump Jr has chosen to join 1789 Capital, which invests in shadow economy companies Hannah Beier/Bloomberg

However, companies in the sector are struggling to build sustainable business models. They rely on niche user bases and don't have the deep pockets of Silicon Valley, which is already leading to losses.

In 2022, Thiel-backed anti-woke bank GloriFi closed its doors after just three months in business. Parliament Technologies, the parent company of Twitter alternative Parler, backed by Republican megadonor Rebekah Mercer, sold the app in 2023 before filing for bankruptcy earlier this year.

Experts say the monetization approach of the surviving major groups so far has been scattered.

PublicSquare, for example, makes most of its revenue from a kind of Klarna-style fintech for guns, which some have dubbed shoot now, pay later. The company last year acquired anti-abortion diaper brand Everylife, co-founded by Republican strategist Nick Ayers.

The company's namesake online marketplace offers everything from American-made housewares and health supplements to sweatpants with hidden pockets for concealed weapons and models of wartime soldiers civilian waving Confederate flags. It generated about $800,000 in revenue in the company's third quarter, less than 15 percent of its overall sales.

PublicSquare owns anti-abortion diaper brand Everylife, co-founded by Republican strategist Nick Ayers

Strives' first investment offering, an energy ETF with the symbol DRLL, pushed what she calls a post-ESG mandate by investing in U.S. fossil fuel companies. Including fees, the fund has underperformed its own benchmark over the past 12 months and since inception, according to the company's fact sheet.

Rumble advertises, offers cloud services, and has launched its own brands, including Be Naked, a men's wellness brand that offers supplements promising primal strength, and 5G Free, which it says delivers wellness. be by electromagnetic field (EMC).

Despite their optimistic outlook and belief that Trump's recent victory vindicates their business model, shares of PublicSquare and Rumble this week fell about 20 percent and 15 percent respectively following their quarterly results that included heavy losses.

PublicSquare said its sales in the first nine months of this year reached nearly $16 million, up from just under $3 million a year ago. But to generate that growth, the company spent $14 million on marketing and another $33 million on salaries and other administrative expenses. In total, the company lost $37 million in the first nine months of the year, or about $2.30 for every dollar of sales it generated.

Rumble, which is popular among Trump's base but has been shunned by major advertisers because of its hands-off approach to moderation, reported $25 million in third-quarter revenue, compared with $18 million in dollars over a year, but missed Wall Street's expectations. an increase to $29 million. At $31.5 million, the losses were also larger than the $25.2 million expected.

Old Glory Bank, a pro-American online lender based in Oklahoma, was founded by Ben Carson, a former Trump administration official. Old Glory Bank/YouTube

Old Glory Bank, an Oklahoma-based pro-American online lender founded four years ago by former Trump administration official Ben Carson, country music star John Rich and others, said it had a rush of account openings in the week following the election.

We won at the ballot box, said Mike Ring, CEO of Old Glory Bank and a Trump supporter. These same customers are now saying we will vote for the freedom economy with our dollars.

Big Tech executives in Silicon Valley have more broadly supported Trump this election, seeking to rebuild bridges with him after facing regulatory probes and antitrust threats under the Biden administration.

George Farmer, former chief executive of Parler, said the tendency within the America First movement to prioritize its values ​​was increasingly entrenched, but noted that while [mainstream] businesses feel comfortable with Trump, which weakens the argument for the need for the shadow economy.

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