By Anirban Sen
(Reuters) – U.S. Rep. Marjorie Taylor Greene bought up to $50,000 in shares of the special purpose acquisition firm (SPAC), which has agreed that it will merge with Trump’s social media venture.
According to Wednesday’s regulatory filing, Greene purchased shares valued between $15,001- $50,000. On Oct. 22, their value rose by up to 1,650% against what it was worth prior, when amateur traders and Trump supporters bought them.
Since Greene’s Friday investment, most of the gains in shares of SPAC (Digital World Acquisition Corp) have been lost. Greene did not receive any comment from her representatives regarding the performance of her investment so far.
Greene has not been accused of breaking any rules when she invested. Trades of shares are permitted for members of Congress, provided they do not use any non-public information.
Greene is a popular Republican who has frequently been accused of making provocative statements. Twitter Inc (NYSE:) has blocked her social media accounts on several occasions. The 47-year old Georgian congresswoman publicly apologised in June for drawing comparisons between COVID-19 vaccination requirements and the Nazi Holocaust which claimed 6 million Jews were killed.
Digital World shares were up 73% on Thursday afternoon since the deal announcement, giving Trump’s company, Trump Media & Technology Group, a valuation of about $6.3 billion. Although the company has yet to launch its social media app on a trial basis it is ambitious considering Trump’s past social media followers.
Before he was banned from encouraging supporters to take part in the U.S. Capital Attack on January 6, 2016, he had 89million followers on Twitter (NASDAQ:), and 33million on Facebook (NASDAQ;).
Trump and other Trump Media & Technology Group shareholders will initially own 69% of the combined company after the merger with the SPAC, a regulatory filing showed this week. If the stock meets certain price milestones, their ownership may reach 77%.
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