Georgia GOP Rep. Marjorie Taylor Greene has taken a significant financial hit after heavily investing in a company that’s merging with former President Donald Trump’s “Truth Social” platform, Insider reports.
In October of last year, Greene invested between $15,001 and $50,000 in Digital World Acquisition Corp., a “blank check” special purpose acquisition company, according to Insider. A year later, the stock value tanked by over 82 percent, likely handing her a loss between $12,330 and $41,100.
A deal between Truth Social and Digital World Acquisition Corp. was originally announced in late 2021 and was set to close in September 2022. But it’s since been delayed. The owner of Truth Social, Trump Media and Technology Group, blamed the delay on the Securities and Exchange Commission postponing its review of the merger.
According to Insider, Truth Social’s traffic is “underwhelming” even after an uptick in downloads of the app.
Read the full report over at Insider.