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.