Rep. Marjorie Taylor Greene (R-Ga.) appears “almost certain” to have lost money quickly after investing in a burgeoning Trump social media operation late last week, according to CNBC. On Friday, Greene purchased a stake valued somewhere in the range of $15,000 to $50,000 in Digital World Acquisition Corp. (DWAC), which is a so-called special purpose acquisition company that recently revealed to the public that it would be merging with a newly announced Trump technology/ social media company called the Trump Media & Technology Group. The problem for Greene is that there have been wild fluctuations in the price of DWAC shares — meaning that in the absolute best case scenario for the Congresswoman, she had lost somewhere around 7 percent of her investment as of this Wednesday.
That loss is because the lowest price that DWAC shares went for on Friday was still above what shares were going for on Wednesday afternoon — and depending on when exactly on Friday that Greene made her purchase, her loss could have been considerably larger than 7 percent. Early Friday morning, on the day when Greene made her acquisition, shares were at above $100 apiece — now, they’re at a little over $63 apiece as of mid-Wednesday afternoon around 2:30 Eastern. The lowest price that shares went for on Friday was $67.96 — which is still above where they’re at now. Assuming a 10 percent loss in the event that Greene failed to nab her stake at the moment prices were lowest, she could have easily lost thousands — although to be clear, stock prices change rapidly, making reversals of fortune possible.
Greene’s office resisted questioning from CNBC about the state of Greene’s DWAC investment. Instead, her office simply noted that the “transaction was reported in compliance with House rules and provides all required details about the transaction.” The subtext seems to be that the Congresswoman, who’s long been and remains closely allied to former President Trump, won’t be providing further details at this time. Trump has designed his new social media venture — which he’s calling “Truth Social” — as a competitor to the mainstream social media companies that booted him from their platforms after his incitement of the January riot at the Capitol. Trump and prominent conservatives have consistently claimed that there’s some kind of conspiracy to silence right-wingers on social media, but such is not the case.