According to available info, Rep. Marjorie Taylor Greene (R-Ga.) has lost what could total $41,100 from ill-fated investments in Digital World Acquisition Corp. (DWAC), the so-called blank check company set to merge with the former president’s Trump Media & Technology Group, the latter of which is behind Truth Social.
Merging, if finalized, could let the Trump company benefit from hundreds of millions in investments. Truth Social is Donald’s alternative social media platform, where he has taken to posting in the wake of bans from mainstream sites. His total follower count on Truth Social is millions below where it stood on Twitter until his ban after the Capitol riot. As for Greene, she invested an amount disclosed as between $15,001 and $50,000 in DWAC, and that investment was made on October 22 of last year. (Members of Congress aren’t required to disclose the precise dollar amounts involved in stock transactions.) Greene purchased her DWAC shares on one of the days when the price has been the highest since the announcement of plans to merge with the Trump-branded company. The share price reached $94.20 that day — and it’s now at about $17.
Calculating the outcome of these investments based upon a drop of over 82 percent recorded as of a recent point, Greene has lost a large amount of money. If her investment was at the lower end of the reported range, she’s seen $12,330 vaporize. If it was at $50,000, she has apparently lost $41,100, Insider reports.
At least one other GOP member of Congress is also an investor in DWAC: Rep. Larry Bucshon of Indiana, who put a reported total of between $1,001 and $15,000 into the company. He has also seemingly lost a large amount of his investment, since his came within days of Greene’s, when the company stock price was still hovering at significantly higher levels. These totals assume both members still hold their DWAC shares. Meanwhile, DWAC has run into financial difficulties. The merger between the company and Trump’s social media firm — where streaming service plans have also been floated — was supposed to close last month, but, well, that didn’t happen. One of the issues is apparently a delay in getting a required go-ahead from the federal Securities and Exchange Commission (SEC).
Trump’s company, in a predictably antagonistic approach, threatened legal action against the SEC. “In light of the obvious conflicts of interest among SEC officials and clear indications of political bias, TMTG is now exploring legal action against the SEC. Despite the increasing weaponization and politicization of government agencies, Truth Social will continue its expansion plans, supported by the unprecedented levels of user engagement on the platform,” they said. The deal is also under investigation for potentially violating federal rules with discussions about the arrangement before DWAC went public.