Rep. Marjorie Taylor Greene has invested up to $50,000 in the SPAC stock linked to former President Donald Trump’s planned social media platform. According to a public disclosure, the Georgia Republican purchased a stake in Digital World Acquisition Corp., or DWAC, on Friday. The stake is worth at least $15,000 but no more than $50,000. DWAC last week said it would merge with a new social media company Trump said he has planned.
That triggered a buying mania among retail investors in DWAC shares over two days last week, which drove the stock up more than 800%. The SPAC was at one point the most traded name on Fidelity’s platform, and the ticker DWAC has been among the most mentioned on Reddit’s WallStreetBets chatroom. But based on DWAC’s price fluctuations and when Greene said she made her investment, on Friday, it’s almost certain she has lost money on the trade.
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Rep. Marjorie Taylor Greene bought shares of Trump SPAC Digital World Acquisition as stock skyrocketed https://t.co/6kqHPPf7nM
— David Lazarus (@Davidlaz) October 27, 2021