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GOP Rep. Larry Bucshon bought stock in Trump SPAC


Rep. Larry Bucshon of Indiana, has left the House Republican Conference meeting at Capitol Hill Club on Wednesday May 16, 2018.

Bill Clark | CQ-Roll Call, Inc. | Getty Images

Republican Rep. Larry Bucshon has bought up to $15,000 in the SPAC that is slated to take public former President Donald Trump’s planned social media platform.

Indiana Congressman bought a stake Digital World Acquisition Corp.According to a Monday public disclosure, DWAC (or DWAC) was issued on Oct. 25. This investment has a minimum value of $1,001, but not greater than $15,000.

Bucshon’s purchase is only the second DWAC purchase disclosed by a member from Congress. CNBC reported last Wednesday that Rep. Marjorie Taylor Greene has invested up to $50,000 in the SPAC. This transaction also seems to have been the first Stock Transaction disclosed by Bucshon in 2013 according to Quiver Quantitative. Quiver Quantitative is an alternative data provider that tracks Congressmen trading activities.

Bucshon has been a doctor and surgeon since 2011 when he was elected to Congress. Bucshon, who was a physician and surgeon before becoming a congressman in 2011, is now a member on the House Energy and Commerce Committee.

Bucshon was attacked by pro-Trump rioters in January. said in a statementTrump was responsible for inciting the rebellion. He stated, “I cannot accept dangerous rhetoric from the president.” Bucshon however was soon after. voted againstTrump impeached on inciting the Capitol Invasion charges

DWAC, a company that specializes in acquisitions for special purposes, is based in New York. that would merge with Trump Media & Technology Group, a new social media company Trump said he has plannedTo “take down Big Tech censorship.”

CNBC reached Bucshon’s spokesperson for no immediate comment.

Since the announcement about the target company’s acquisition, the stock rose more than fivefold during heavy trading. The stock’s meteoric rise was fuelled by retail investors who were active on WallStretBets and other social media platforms.

The SPAC traded at $56.20 per piece after a dramatic 800% rally over the following announcement.

SPACs are able to raise capital through an IPO. They can then use that cash to merge with a private firm and make it public within two years. These deals often result in no knowledge for the early investors.

At least two hedge funds that were among early investors in DWAC — Lighthouse Investment Partners and Saba Capital Management — dumped their sizable stakes last week after learning of the SPAC’s merger target.

Trump plans to create a social media platform months after being banned from Twitter and Facebook. the deadly Jan. 6 Capitol riot by his supporters.

Donald Trump, the former US president, has announced his plans to launch his own social network platform “TRUTH Social” on October 20, which will launch its beta launch to “invited guest” next month.

Getty Images| AFP | Getty Images

Former president stated that Truth Social is his new social media app. According to him, the company would also offer an on-demand streaming video service. This will compete with more ‘woken-politized’ and politicized “entertainment” programming produced by Big Tech and Big Media. He sees opportunities to develop ‘cancel-proof alternatives in various key areas including web services and payments processing.