Rep. Marjorie Taylor Greene (R-GA) made a personal bet on Donald Trump’s Truth Social platform — and is losing bigly.
The value of Greene’s class A stock in Digital World Acquisition Corp., a special purpose acquisition company, or SPAC, that’s supposed to merge with Truth Social, had cratered in recent weeks amid significant corporate turmoil.
Digital World Acquisition Corp. this week ousted its chief executive officer, Patrick Orlando. Federal prosecutors are investigating Trump Media, the current owner of Truth Social, to determine whether it violated money laundering laws, The Guardian reported. And Trump himself faces a potential indictment related to hush money payments to adult film actress Stormy Daniels, with whom Trump allegedly had an affair.
On Friday, Digital World Acquisition Corp. stock closed at less than $13 a share.
Compare that to when Greene, on Oct. 22, 2021, became the first member of Congress to personally invest in Digital World Acquisition Corp. the stock was worth exponentially more, swinging wildly in price from a low of $69 per share to a high of $172 in a single trading session.
Greene reported that she and her then-husband Perry Greene purchased between $15,001 and $50,000 worth of Digital World Acquisition Corp. stock that day.
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Although lawmakers are only required to disclose the value of their stock holdings in broad ranges, preventing a precise calculation of money lost or gained over time, the Greenes could have conceivably lost well into the $40,000-range investing in Trump’s social media venture.
Marjorie Taylor Greene and Perry Greene officially divorced in December, and it’s unclear how they’ve divided their shared assets.
But congressional stock disclosure records show that Greene, who used to trade individual stocks frequently, has not personally made a stock trade since February 2022, indicating that she still owns her Digital World Acquisition Corp. shares.
In February 2022, Greene bought shares in 10 different stocks, including oil giant Chevron Corporation, defense contractor Lockheed Martin Corporation and drugstore company Walgreens Boots Alliance Inc.
It remains legal for members of Congress to buy and sell shares of individual stocks, although the practice is controversial even among lawmakers themselves, with some Republicans and Democrats alike calling for a ban.
Greene’s office did not respond to several Raw Story requests for comment about her stock-trading habits.
Trump, who is running for president in the 2024 election, has for months used Truth Social as his favored mouthpiece, most recently warning in a post of coming “death and destruction” if he’s charged with crimes related to the Daniels hush money brouhaha.
Greene, for her part, endorsed Trump for president in November. The second-term congresswoman has since been a steadfast supporter and defender of the former president, writing last week in a Twitter post that “President Trump did nothing wrong and has always fought for the American people, and we all know it, which is why we love him.”