Rep. Marjorie Taylor Greene bought shares of Trump-affiliated SPAC firm DWAC
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Following a private visit by Representative Marjorie Taylor Greene to the Holocaust Museum, a press conference was held outside of the U.S. Capitol. The purpose of the conference is to show repentance for past remarks regarding Jewish people in Washington on June 14, 2021.
Evelyn Hockstein | Reuters
Rep. Marjorie Taylor Greene invested $50,000 in SPAC stock that was linked to the former President Donald Trump’sSocial media platforms are planned.
According to a disclosure made public, Greene purchased a share in Digital World Acquisition Corp. or DWAC on Friday. This stake has a value of at least $15,000, but not more than $50,000.
Based on DWAC’s fluctuating prices since Oct. 22, Greene is almost certain to have lost money. Friday’s opening price of DWAC was $118.80 per share. It dropped as low as $67.96 per share on Friday. It currently trades at $54.50 pershare.
CNBC reached out to Greene’s representative, who is a Georgia Republican. He did not respond immediately.
DWAC is a company that specializes in acquisitions. last week said it would merge with Trump’s planned new social media company the Trump Media & Technology Group
The stock soared more than 800% in response to the buying frenzy among retail investors who bought DWAC shares within two days. Fidelity had the SPAC as the most traded name and the ticker DWAC is the one most frequently mentioned in Reddit’s WallStreetBets discussion room.
Shares fell nearly 40% last week but are still trading at $50 per share. That’s five times the price of the SPAC IPO, which was $10.
SPACs, which are special types of companies that do not have commercial operations, are an exception to the norm.
They fundraise vigorously via an initial public offer and then merge with smaller companies that meet the SPAC prospectus goals. SPACs, also known as “blank check” companies have become increasingly popular among Wall Street investors in recent years. They allow both the public and private equity firms to invest in young businesses.
Trump released a statement Tuesday about his new social media app and on-demand streaming video service.
Trump declared, “To fight Big Tech censorship,” he said. We invite people from all political backgrounds and views to join us once more in the great American discussion. This is what the country should be all about.
Trump has plans to launch a social networking app months after his ban from Twitter and Facebook over inciting the deadly Jan. 6 Capitol riot by his supporters.
This is important breaking news. Stay tuned for new updates.
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