Rep. Marjorie Taylor Greene loses up to $41,000 after buying stock in company trying to merge with Trump’s ‘Truth Social’ platform

Republican Representative Marjorie Taylor Greene of Georgia during the committee hearing on June 24, 2022 at the United States Capitol.AP Photo/J. Scott Apple White

  • A year ago, Rep. Marjorie Taylor Greene invested $15,001 to $50,000 in a SPAC that wants to merge with Trump’s “Truth Social” platform.

  • A year later, the stock’s value plummeted more than 80%, meaning Greene lost a lot of money.

  • Greene isn’t the only congressman to invest in the stock: Representative Larry Bucshon is also a buyer.

Republican Rep. Marjorie Taylor Greene has suffered a major financial loss a year after investing heavily in a company set to merge with President Donald Trump’s “Truth Social” platform.

On October 22, 2021, the Georgia MP invested between $15,001 and $50,000 in Digital World Acquisition Corp., a “blank check” special purpose acquisition company, or SPAC.

A year after Greene made her investment, the stock’s value fell more than 82%, according to Markets Insider, meaning the congresswoman lost between $12,330 and $41,100 on that investment alone.

Only one other congressman has invested in Digital World Acquisition Corp so far. : Three days after Greene’s investment, Rep. Larry Bucshon, a Republican from Indiana, also invested between $1,001 and $15,000. (Legislators are only required to disclose the values ​​of their stock trades within broad ranges.)

Since Bucshon invested, the stock has fallen nearly as much — 80%, according to Markets Insider — meaning he’s lost between $800 and $12,000 on the investment.

Disclosure to Congress for Marjorie Taylor Greene

A congressional financial document revealing that Rep. Marjorie Taylor Greene, a Republican from Georgia, bought up to $50,000 worth of stock in Digital World Acquisition Corp., a special-purpose acquisition company seeking to merge with the platform Truth Social by former President Donald Trump.United States House of Representatives

An agreement between Truth Social and Digital World Acquisition Corp. was originally announced in late 2021 and was supposed to wrap up in September 2022. But it has since been delayed. Truth Social owner Trump Media and Technology Group blamed the delay on the Securities and Exchange Commission which postponed its review of the merger.

“The SEC blocked its review of our proposed merger with DWAC, having failed to act despite DWAC filing its registration statement more than four months ago. This inexcusable obstruction, which directly contradicts the stated mission of the SEC, harms investors and many others who simply follow the rules and try to build a successful business,” Truth Social said in a regulatory filing.

It’s been a tumultuous year for Truth Social and Digital World Acquisition Corp. since Greene and Bucshon invested.

Trump — still banned from Twitter — uses Truth Social to post statements and screeds, and Google this month added the Truth Social app to its Google Play Store.

But Truth Social’s usage is disappointing, even after a surge in downloads following August’s FBI raid on Trump’s Mar-a-Lago residence. The platform was also accused of screwing up one of its million-plus vendors, and executives quietly left parent company Truth Social.

In August, Digital World Acquisition Corp. changed the address of its headquarters from a WeWork building to a mailbox in a UPS store in Miami, located between a nail salon and an Italian seafood restaurant.

Greene’s investment in Digital World Acquisition Corp. is one of many in its stock portfolio, which Insider has collected from public disclosures since January 2021.

In late September, Greene’s husband filed for divorce, citing that the marriage had “broken down irretrievably.” Greene and her ex-husband, Perry Greene, jointly own many stocks, which could complicate the divorce process. An Insider analysis previously revealed that Perry Greene has invested hundreds of thousands of dollars in companies that openly champion social causes that Marjorie Taylor Greene opposes.

Since Insider first published its “Conflicted Congress” series in December, which revealed numerous financial conflicts of interest and violations of federal disclosure law, Congress itself has actively considered banning lawmakers and their wives to negotiate individual stocks.

Democratic leaders have delayed a vote on a bill until after the midterms, angering activists and lawmakers who have been advocating for the ban for months. But a vote is nonetheless plausible before the end of the current session of Congress in January.

Read the original article on Business Insider

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