Trump's Son-In-Law-Backed Software Giant QXO Drops 80% In Pre-Market, Valuation Nosedives From $90B To $8.6B

Author: Benzinga Neuro | July 30, 2024 07:13am

In a shocking turn of events, QXO Inc. (NASDAQ:QXO) a company associated with former President Donald Trump‘s son-in-law Jared Kushner, experienced a drastic 80% drop in pre-market trading.

The company’s shares fell sharply to $12.00 from Monday’s closing price of $60.50, according to Benzinga Pro. This sudden decline was triggered by the registration of two private placements with the U.S. Securities and Exchange Commission, which unlocked millions of shares and led to increased selling pressure, Bloomberg reported on Tuesday.

QXO, which held a valuation of over $90 billion just last week, has now lost approximately $36 billion in paper value. The company’s current valuation is around $8.6 billion on a fully diluted basis.

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Initially, QXO was funded with a $1 billion investment by a group led by Brad Jacobs into Nasdaq-listed SilverSun Technologies Inc. Since then, the company has raised billions through private placements, even as its stock price soared to a high of $290 per share in June.

Earlier this month, QXO’s stock had surged by 112% following the announcement of a $620 million private placement that included $150 million from Kushner’s Affinity Partners. Kushner was also appointed to QXO’s board of directors.

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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari

Posted In: QXO