The Congress Member Who Bought Shares Of Trump's SPAC Probably Won't Surprise You

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

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.

Related Link: Trump SPAC Merger Has Provisions For Presidential Run, Prison Time

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.

See more from Benzinga

© 2021 Benzinga does not provide investment advice. All rights reserved.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting