Delegate Larry Bookson, R-Ind., Leaves the House Republican convention meeting on Wednesday, May 16, 2018 at the Capitol Hill Club.
Bill Clark | CQ-Roll Call, Inc. | Getty Images
Republican Rep. Larry Boxing has bought the PSPC for $ 15,000, which is expected to launch a social media platform planned by former President Donald Trump.
The Indiana Congressman bought shares in Digital World Acquisition Corp., or DWAC, on October 25, according to a public statement released Monday. The investment is at least $ 1,001 but not more than $ 15,000.
Bookson’s investment is the second acquisition by a member of Congress of DWAC. Representative Marjorie Taylor Green invested up to $ 50,000 in PSPC, CNBC reported last week. This also appears to be the first stock transaction publicly disclosed by Faction since 2013, according to Quiver Quantitative, an alternative data organization that monitors the business activities of members of Congress.
Buxhan, who has worked as a physician and surgeon, has served in Congress since 2011. He is a member of the House Energy and Commerce Committee.
In January, pro-Trump rebels attacked the Capitol, Bookson Said in a press release Trump provoked a revolt. “I do not condone the president’s dangerous speech,” he said. Soon, however, Buchanan Voted against Trump is accused of inciting the Capitol invasion.
DWAC is a temporary acquisition company It said it plans to merge with the Trump Media & Technology Group, a new social media company Trump said “Tackle Big Tech Censorship”.
A spokesman for the Bucshon office did not immediately respond to a request for comment from CNBC.
In the week and a half since the announcement of the target company, the share of the most active trading has increased more than fivefold. There were signs that active retail investors on social media sites like WallStreetBets were the trigger for the astronomical rally.
Two days after the announcement, after a major rally of 800%, the PSPC traded down almost 70% from its all-time high of $ 175 to $ 56.20 each.
SPACs raise capital during an IPO and use the money to merge with a private company, usually within two years. The first investors in these blank check deals usually do not know what the business mix will be.
At least two hedge funds that were among the initial investors in DWAC – Lighthouse Investment Partners and Sabah Capital Management – dropped their large shares last week after learning about PSPC’s merger target.
Trump’s plans for a social media campaign come months after he was banned by Twitter and Facebook for inciting his supporters in the deadly riot on Capitol Hill on Jan. 6.
Former US President Donald Trump announced on October 20 that his own social networking site will be called “Truth Social”, which is expected to launch a “guests” beta next month.
Chris Delmas | AFP | Getty Images
The former president said he would launch a social media processor called Truth Social. He said the new company would also launch a video-on-demand streaming service that would compete with the ‘more’ awake ‘and politicized’ entertainment ‘programs created by Big Tech and Big Media Players. Alternatives to other key areas, from Internet services to payment processing. “