Rep. Marjorie Taylor Greene suffers large financial loss one year after buying stock in a company that’s trying to merge with Trump’s ‘Truth Social’ platform
One yr in the past, Rep. Marjorie Taylor Greene invested between $15,001 and $50,000 in a SPAC that desires to merge with Trump’s “Reality Social” platform.
One yr later, the worth of the inventory dropped greater than 80%, that means Greene misplaced massive cash.
Greene’s not the one member of Congress who invested within the inventory: Rep. Larry Bucshon can be a purchaser.
Republican Rep. Marjorie Taylor Greene has skilled a big monetary loss a yr after she closely invested in an organization that is set to merge with President Donald Trump’s “Reality Social” platform.
On October 22, 2021, the congresswoman from Georgia invested between $15,001 and $50,000 in Digital World Acquisition Corp., a “clean verify” particular objective acquisition firm, or SPAC.
One yr after Greene made her funding, the inventory’s worth plummeted by greater than 82 p.c, in response to Markets Insider, that means the congresswoman misplaced between $12,330 and $41,100 from this one funding.
Just one different member of Congress has thus far invested in Digital World Acquisition Corp.: Three days after Greene’s funding, Rep. Larry Bucshon, a Republican of Indiana, additionally invested between $1,001 and $15,000. (Lawmakers are solely required to reveal the values of their inventory trades in broad ranges.)
Since Bucshon invested, the inventory’s gone down almost as a lot — 80 p.c, in response to Markets Insider — that means he is misplaced between $800 and $12,000 from the funding.
A deal between Reality Social and Digital World Acquisition Corp. was initially introduced in late 2021 and was set to shut in September 2022. However it’s since been delayed. The proprietor of Reality Social, Trump Media and Expertise Group, blamed the delay on the Securities and Change Fee suspending its evaluation of the merger.
“The SEC has stalled its evaluation of our deliberate merger with DWAC, having did not act regardless of DWAC having filed its registration assertion greater than 4 months in the past. This inexcusable obstruction, which immediately contradicts the SEC’s acknowledged mission, is damaging buyers and lots of others who’re merely following the foundations and making an attempt to broaden a profitable enterprise,” Reality Social stated in a regulatory submitting.
It has been a tumultuous yr for Reality Social and Digital World Acquisition Corp. since Greene and Bucshon invested.
Trump — nonetheless banned from Twitter — makes use of Reality Social to put up statements and screeds, and Google this month added the Reality Social app to its Google Play Retailer.
However Reality Social utilization is underwhelming, even after an uptick in downloads following the FBI’s raid in August on Trump’s Mar-a-Lago residence. The platform has additionally been accused of stiffing one among its distributors of greater than $1 million, and executives have been quietly leaving Reality Social’s mother or father firm.
In August, Digital World Acquisition Corp. modified its headquarters handle from a WeWork constructing to a mailbox at a UPS Retailer in Miami that is located between a nail salon and an Italian seafood restaurant.
Greene’s funding in Digital World Acquisition Corp. is one among many in her inventory portfolio, which Insider has collected from public disclosures since January 2021.
In late September, Greene’s husband filed for divorce, citing that the wedding was “irretrievably damaged.” Greene and her estranged husband, Perry Greene, collectively personal many shares, which might complicate the divorce proceedings. An Insider evaluation beforehand discovered Perry Greene invested tons of of 1000’s into firms that brazenly champion social causes Marjorie Taylor Greene opposes.
Since Insider first printed its “Conflicted Congress” collection in December, which revealed quite a few monetary conflicts of curiosity and violations of federal disclosure legislation, Congress itself has actively thought of banning lawmakers and their spouses from buying and selling particular person shares.
Democratic management punted a vote on a invoice till after the midterms, angering activists and lawmakers who’ve been advocating for the ban for months. However a vote is however believable earlier than the present congressional session ends in January.
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