The Consumer Financial Protection Bureau has dropped a Joe Biden-era probe into Credova Financial, a gun financing firm tied to Donald Trump Jr., saying the case was improperly motivated by politics.
CFPB Ends Probe Into PublicSquare, Slams Biden-Era Bias On Guns
In a letter sent Tuesday to PublicSquare (NYSE:PSQH), the parent company of Credova, the CFPB said it was closing its investigation and accused the prior administration of targeting the business because of its ties to firearms and conservative investors.
"After reviewing the case, the bureau has determined that this investigation exemplifies the type of weaponization against disfavored industries and individuals that President Donald Trump is committed to ending," CFPB chief legal officer Mark Paoletta wrote.
He alleged that under Biden, bureau staff pressured Credova to halt leasing firearms altogether and intensified scrutiny once Trump Jr. joined PublicSquare's board in December.
PublicSquare Stock Soars 20% After CFPB Ends Gun Finance Probe
PublicSquare shares surged nearly 20% following the announcement. Trump Jr., who owns about $1.5 million in stock and sits on the company's board, had previously called Credova "the company that is leading the way in the parallel economy."
PublicSquare CEO Michael Seifert praised the decision, calling it "a win for our entire company, our board, our customers and a Second Amendment community that has seen years of government attempts to unconstitutionally regulate businesses like ours out of existence."
Trump Jr. Pushes GrabAGun IPO To Expand Conservative Economy
Trump Jr. is pushing to grow what he calls the ‘parallel economy’ by taking conservative-aligned companies to Wall Street. His latest move is launching the IPO of GrabAGun, an online firearms seller dubbed the "Amazon of guns," which now trades under the ticker PEW, as reported by Time on Monday.
Trump Jr., alongside financier Omeed Malik, previously brought PublicSquare, a conservative business marketplace, public in 2023. With President Trump back in power and corporate America retreating from diversity initiatives, they see momentum for right-leaning alternatives in finance and culture.
GrabAGun raised $179 million through its merger but faced a 20% stock drop after listing. PublicSquare, while growing revenues, still trades at low valuations. Critics argue the MAGA economy remains niche, but Trump Jr. and Malik insist they are creating lasting infrastructure beyond political cycles.
Trump Jr., now on GrabAGun's board, calls the effort "a vindication of our thesis," signaling plans for more conservative companies to go public as part of an expanding ideological and financial ecosystem.
Trump Jr. Faces Italy Backlash Over Rare Duck Hunting Video
In February, Trump Jr. faced criticism from Italian politicians after a video showed his hunting party in the Venice Lagoon, where a protected ruddy shelduck was allegedly killed, according to NPR.
The footage, later removed from Field Ethos, depicted Trump shooting birds and posing near a pile of dead ones.
Green party lawmakers in Veneto called for an investigation, with legislator Andrea Zanoni filing a complaint to the Forest Police. Another member raised the matter with Italy's environment minister.
Trump Jr. did not respond to NPR's request for comment, but his spokesperson, Andy Surabian, said the group hunted legally with permits and emphasized Trump's commitment to conservation and hunting regulations.
Trump Once Blasted Biden For Pardoning Hunter, Calling It ‘Miscarriage Of Justice’
Last year, Former President Biden granted a full and unconditional pardon to his son, Hunter Biden, in federal gun and tax cases.
Biden said he had not interfered with the Justice Department's process but argued Hunter was selectively and unfairly prosecuted due to political pressure from his opponents in Congress.
He noted that gun form violations and repaid tax debts were rarely pursued criminally and pointed to a collapsed DOJ plea deal as a fair resolution that was derailed by politics. Biden maintained Hunter was targeted solely because he was his son.
In December 2024, Trump condemned the pardon on Truth Social, calling it a ‘miscarriage of justice’ and questioning whether it extended to the so-called "J6 hostages," his term for those imprisoned over the Jan. 6 Capitol riot.
Benzinga’s Edge Stock Rankings indicate PublicSquare stock checks out on Short and Medium Price Trends. Here is how the stock measures up on other parameters.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
