'Yet Another Trump Jr.-Backed Company Receives Massive Pentagon Deal' [View all]

"For the second time this year, a little-known company backed by Donald Trump Jr. has scored a major contract with the US Department of Defense."

"The Financial Times reported on Wednesday that Vulcan Elements—a tiny startup of 30 employees that specializes in producing rare-earth magnets used in drones, radars, and other pieces of military equipment—has scored a $620 million loan from the Pentagon as part of 'a $1.4 billion deal to increase the supply of magnets for industries alongside partner ReElement Technologies.' "

"Vulcan has received funding from 1789 Capital, a venture capital firm founded by pro-Trump donors in 2023 that brought Trump Jr. in as a partner last year. According to the Financial Times’ analysis, 'at least four of 1789’s portfolio companies have won contracts from the Trump administration this year, amounting to more than $735 million.' "

"Revelations about the Vulcan Elements contract come just weeks after the Florida-based drone startup Unusual Machines, in which Trump Jr. has held a $4 million stake, received a contract from the US Army to manufacture 3,500 drone motors. Additionally, reported the Financial Times, the Army indicated that it planned 'to order an additional 20,000 components' from the Trump Jr.-backed firm next year."

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