Marjorie Taylor Greene Invested In SPAC Behind Trump’s TRUTH Social—And She’s Already Losing Money - Forbes

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Topline

Right-wing firebrand U.S. Rep. Marjorie Taylor Greene (R-Ga.) invested up to $50,000 in a company that will fund the creation of a new social media platform led by former President Donald Trump, according to a public disclosure that shows she purchased the stock near the height of its massive surge.

Key Facts

Greene purchased between $15,001 and $50,000 worth of Digital World Acquisition Corp. (DWAC) stock Friday, according to the disclosure.

DWAC, a special purpose acquisition company, is planning to merge with a new firm called the Trump Media and Technology Group to create a social media platform called TRUTH Social, which is billed as a "rival to the liberal media consortium."

After the announcement of the new platform last week, the share price of DWAC surged more than 17 times, peaking at $175 on Friday morning.

The price quickly dropped from that high, closing at $94.20 on Friday, before sinking further this week—it was trading around $60 early Wednesday afternoon.

Surprising Fact

On Thursday, DWAC was the most actively traded stock on the Fidelity platform, with "buy" orders outpacing "sell" orders by about three to one. Trading was also regularly stopped numerous times on Thursday and Friday due to volatility.

Key Background

Greene won election to Congress in 2020 from a conservative district in Georgia, displaying unfaltering loyalty to former President Donald Trump and an affinity for conspiracy theories. Greene has repeatedly parroted Trump's baseless claims that widespread fraud kept him from winning the 2020 presidential election, among other outlandish assertions. Greene's promotion of misinformation and conspiracy theories has led to multiple temporary bans from Twitter—a penalty Trump says won't happen on his network. In a statement on Tuesday, Trump said that Truth Social won't be "labeling alternative views as 'disinformation,'" while also vowing "there will be no shadow-banning, throttling, demonetizing, or messing with algorithms for political manipulation."

Tangent

Greene sold shares of Big Tech companies, like Facebook, Amazon and Alphabet—Google's parent company—the day President Joe Biden was inaugurated. She's repeatedly criticized Big Tech for what she claims is censorship of conservative views.