Like so many in the Republican Party, Rep. Marjorie Taylor Greene (R-GA) believes failed, one-term, twice-impeached former President Donald Trump is infallible.
But blindly following the ex-president has just hit Greene right in the wallet, with an investment she made in the ex-president’s new social media platform, Truth Social, costing her several thousand dollars, according to CNBC:
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.
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.
On Friday, DWAC opened at $118.80 a share and dipped as low as $67.96 a share. It ended Wednesday’s session at $64.89 a share. That means, at best, Greene has lost about 4.5% on her investment.
Imagine you bought a stock at almost $119 a share and then watched as it sank to approximately $65. How quickly would be be ready to dump the investment before you lost even more money?
Considering that Trump’s new venture also faces scrutiny from various federal regulatory agencies and financial institutions, it’s not even certain that Truth Social will ever get off the ground. Of course, if it doesn’t, Trump will still probably profit.
Truth Social is set to officially launch sometime in early 2022, but the wild ride the stock is on could delay or destroy those plans.