Rep. Marjorie Taylor Greene (R-GA) could be out thousands of dollars after she purchased SPAC stock linked to former President Donald Trump's future social media platform.
According to CNBC, Greene filed a public disclosure revealing she had invested up to $50,000 in Digital World Acquisition Corp. (DWAC), which has said that it will merge with Trump's social media company.
DWAC saw its shares skyrocket over 800% after announcing the deal with Trump. But CNBC determined that it's "almost certain" that Greene has lost money on the investment.
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"On Friday, DWAC opened at $118.80 a share and dipped as low as $67.96 a share," the network pointed out. "It's now trading around $63 a share. That means, at best, Greene has lost about 7% on her investment."
In a statement, Greene did not address the losses.
"This transaction was reported in compliance with House rules and provides all required details about the transaction," her office said.
Read more about TRUTH Social and Trump's new media venture:
- Inside the "weird" world of DWAC, Trump's already soaring social media SPAC
- Investor in Trump's new social media venture backs out: "Makes me want to throw up"
Source : https://www.salon.com/2021/10/28/mtg-buys-50k-stock-in-social-platform--and-immediately-loses-thousands_partner/258