Georgia Rep. Marjorie Taylor Greene was walloped with a sizable financial loss — to the tune of possibly $41,000 after she invested last year in a company that is supposed to merge with Donald Trump’s “Truth Social” platform, Business Insider [1] reports.
Greene invested somewhere between $15,000 and $50,000 in Digital World Acquisition Corp., which is described as a “blank check” special purpose acquisition company, or SPAC. [2]
But one year after Greene made the investment, the company’s stock value plummeted by more than 82 percent, Markets Insider [3] reports. This means the Republican congresswoman lost between $12,330 and $41,000 just from this single investment.
There’s only one other member of Congress who’s also invested in this company — Indiana Republican Larry Bucshon, who invested between $1,000 and $15,000. According to Business Insider, lawmakers don’t have to be all that specific in disclosing their stock trades and can use broad ranges to describe them.
Bucshon invested the money just three days after Greene did, but he’s now lost between $800 and $12,000 from the investment.
Truth Social and Digital World Acquisition Corp originally struck a deal in late 2021 that was set to close in September 2022. That, however, has now been delayed. Truth Social owners, Trump Media and Technology Group is blaming the delay [4] 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,” Truth Social said [5] in a regulatory filing. “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, however, is anything but successful. The company continues to founder, [6] even after an uptick in downloads after the FBI’s August raid of Trump’s golf resort home in Palm Beach, Florida.
Greene has also hit a few bumps lately, with her husband of 27 years filing for divorce. And just recently Greene tried to defend Confederate monuments by accidentally [7] photographing herself in front of Colonel John T. Wilder, who led the Union — not the Confederate army.
Oops.
Greene is an odious transphobe [8] so it’s fun to see her get owned. Financially or otherwise. In other words: It couldn’t happen to a nicer person.