One year ago, Rep. Marjorie Taylor Greene invested between $15,001 and $50,000 in a SPAC that wants to merge with Trump's "Truth Social" platform.
One year later, the value of the stock dropped more than 80%, meaning Greene lost big money.
Greene's not the only member of Congress who invested in the stock: Rep. Larry Bucshon is also a buyer.
Republican Rep. Marjorie Taylor Greene has experienced a large financial loss a year after she heavily invested in a company that's set to merge with President Donald Trump's "Truth Social" platform.
On October 22, 2021, the congresswoman from Georgia invested between $15,001 and $50,000 in Digital World Acquisition Corp., a "blank check" special purpose acquisition company, or SPAC.
One year after Greene made her investment, the stock's value plummeted by more than 82 percent, according to Markets Insider, meaning the congresswoman lost between $12,330 and $41,100 from this one investment.
Only one other member of Congress has so far invested in Digital World Acquisition Corp.: Three days after Greene's investment, Rep. Larry Bucshon, a Republican of Indiana, also invested between $1,001 and $15,000. (Lawmakers are only required to disclose the values of their stock trades in broad ranges.)
Since Bucshon invested, the stock's gone down nearly as much — 80 percent, according to Markets Insider — meaning he's lost between $800 and $12,000 from the investment.
A deal between Truth Social and Digital World Acquisition Corp. was originally announced in late 2021 and was set to close in September 2022. But it's since been delayed. The owner of Truth Social, Trump Media and Technology Group, blamed the delay on the Securities and Exchange Commission postponing its review of the merger.
"The SEC has stalled its review of our planned merger with DWAC, having failed to act despite DWAC having filed its registration statement more than four months ago. This inexcusable obstruction, which directly contradicts the SEC's stated mission, is damaging investors and many others who are simply following the rules and trying to expand 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.
But Truth Social usage 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 also been accused of stiffing one of its vendors of more than $1 million, and executives have been quietly leaving Truth Social's parent company.
In August, Digital World Acquisition Corp. changed its headquarters address from a WeWork building to a mailbox at a UPS Store in Miami that's situated between a nail salon and an Italian seafood restaurant.
Greene's investment in Digital World Acquisition Corp. is one of many in her 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 was "irretrievably broken." Greene and her estranged husband, Perry Greene, jointly own many stocks, which could complicate the divorce proceedings. An Insider analysis previously found Perry Greene invested hundreds of thousands into corporations that openly champion social causes 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 spouses from trading individual stocks.
Democratic leadership punted 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 nevertheless plausible before the current congressional session ends in January.
Read the original article on Business Insider