Marjorie Taylor Greene buys up to $50,000 worth of Trump SPAC stock during week of wild fluctuation Rep. Marjorie Taylor Greene, R-Ga., purchased as much as $50,000 in stock of the company that plans to merge with former president Donald Trump’s new media firm, the congresswoman disclosed in a filing on Tuesday.
Greene, an ardent Trump supporter, on Friday purchased between $15,001 and $50,000 in shares of Digital World Acquisition Corp. The firm is a SPAC, or special purpose acquisition company, created to buy another business and give it a stock-market listing. Digital World trades on the Nasdaq exchange under the ticker "DWAC."
Digital World’s stock price swung widely on Friday, opening at $118.79 per share and rising as high as $175 per share. At its lowest, a share in Digital World sold for $67.96 that day. It is not clear what price Greene bought the shares at.
On Tuesday, when Greene disclosed the purchase in a congressional filing, the stock closed at $59.07 per share. On Wednesday, it closed at $64.89. The disclosure was first noted by congresstrading.com, which tracks stock purchases by members of Congress.
Since news of Digital World’s proposed combination with Trump’s company, the "meme stock" had been the subject of posts on the Reddit channel WallStreetBets, a forum where day traders have seized on stocks like GameStop and AMC.
Trump Media and Technology Group said last week that it would merge with Digital World as it announced the development of a new social media platform called Truth Social. Trump said in a statement that the network would "stand up to the tyranny of Big Tech." The former president was booted from Facebook and Twitter after the Jan. 6 insurrection at the Capitol.
The chief executive of Digital World, Patrick Orlando, said last week that "given the total addressable market and President Trump’s large following, we believe the [Trump Media and Technology Group] opportunity has the potential to create significant shareholder value."