A SPAC merger is bringing Donald Trump’s new social media platform and plans for media assets public. Many retail traders bought the stock since the deal was announced along with at least one member of the U.S. Congress.
What Happened: Trump Media & Technology Group is going public in a merger with Digital World Acquisition (NASDAQ: DWAC).
The merger values the company, which has not released a product to date, at up to $1.7 billion.
While the company did not disclose any financial projections for the future, shares ended up 356% higher on Thursday after the merger was announced. Shares continued their run on Friday, and one member of Congress bought in the day after the deal was announced.
The Congress Trade: U.S. Rep. Marjorie Taylor Greene, a Republican from Georgia, bought shares of DWAC on Friday.
The trade was disclosed in an Oct. 26 filing.
The purchase was for $15,001 to $50,000, with no exact amount disclosed.
According to Unusual Whales, the purchase price was $94.20. Shares of DWAC traded between $67.96 and $118.80 on Friday during the regular trading session.
Greene’s office confirmed the trade.
“This transaction was reported in compliance with House rules and provides all required details about the transaction,” Greene’s office told CNBC in an email.
Congress members have come under scrutiny for making trades based on inside information or not disclosing their trades in a timely manner.
Members of Congress have 45 days to disclose their stock transactions.
The quick disclosure by Greene follows a pattern of her disclosing purchases within a week’s time.
Based on Wednesday’s share price for DWAC, Greene has lost money on the trade.