[COMMENTARY] Marjorie Taylor Greene Loses Thousands of Dollars After Investing $50K in Trump’s Truth Social

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Your tax dollars at work:

Rep. Marjorie Taylor Greene (Q-GA), who’s been removed from all of her committee assignments, uses her Congressional salary to tweet misinformation about COVID despite being vaccinated when she’s not being fined $5500 for not wearing a mask on the House floor. Sometimes she takes a break from that to confess to her role in the January 6th Capitol insurrection on camera during interviews on Steve Bannon’s podcast. Since Greene has been living off of her father’s construction company money for the last few years, it’s possible she doesn’t mind being fined, but she probably won’t be too happy about losing thousands of dollars to the latest Trump grift.

 

Greene plunked down a whopping $50,000 in Trump’s SPAC scheme, otherwise known as the new social media app TRUTH Social. Greene somehow still hasn’t learned that, as Rick Wilson so famously coined, Everything Trump Touches Dies (#ETTD on Twitter). Now not only is Madge out $50K, but she’s also lost even more as the truth about TRUTH Social continues to emerge.

SPACs are a special type of company that has no commercial operations; instead, according to CNBC’s breakdown, they raise funds aggressively through an initial public offering and eventually merge with a smaller company that meets the goals of the SPAC’s prospectus. Also known as “blank-check” or “shell” companies, SPACs have grown popular on Wall Street in recent years as a way for both private-equity firms and the general public to invest in young companies.

Trump’s announcement triggered a buying mania among retail investors in DWAC shares over two days last week, which drove the stock up more than 800%. CNBC is reporting that Greene made the investment on Friday. According to public disclosure, Greene said she purchased a stake in Digital World Acquisition Corp (DWAC), a special purpose acquisition company who announced last week that it would merge with “a new social media company Trump said he has planned”.

But caveat emptor, Qrazy. Because on Friday, DWAC opened at $118.80 a share and dipped as low as $67.96 a share. It’s now trading around $63 a share. That means, at best, Greene has already lost about 7% on her investment, which works out to a loss of roughly $3500.

 

 





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