The Trump Cult

Marjorie Taylor Greene invested up to $50K in Trump’s new social media platform — just before shares tanked

Georgia GOP Rep. Marjorie Taylor Greene has investments up to $50,000 in a shell company that’s merging with Donald Trump’s new social media venture, CNBC reports.

From CNBC:

According to a public disclosure, the Georgia Republican purchased a stake in Digital World Acquisition Corp., or DWAC, on Friday. The stake is worth at least $15,000 but no more than $50,000.

DWAC, a special purpose acquisition company, last week said it would merge with a new social media company Trump said he has planned, the Trump Media & Technology Group.

That triggered a buying mania among retail investors in DWAC shares over two days last week, which drove the stock up more than 800%. The SPAC was at one point the most traded name on Fidelity’s platform, and the ticker DWAC has been among the most mentioned on Reddit’s WallStreetBets chatroom.

But based on DWAC’s price fluctuations and when Greene said she made her investment, on Friday, it’s almost certain she has lost money on the trade.

On Friday, DWAC opened at $118.80 a share and dipped as low as $67.96 a share. It ended Wednesday’s session at $64.89 a share. That means, at best, Greene has lost about 4.5% on her investment.

Read the full report over at CNBC.

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