- A year ago, Congresswoman Marjorie Taylor Green invested between $15,001 and $50,000 in a SPAC that wanted to merge with Trump’s Truth Social platform.
- One year later, the stock fell more than 80%, meaning Green lost big money.
- Green isn’t the only member of Congress to have invested in the stock: Congressman Larry Buckshon is also a buyer.
Republican Rep. Marjorie Taylor Green suffered a major financial loss a year after investing heavily in a company that would merge with President Donald Trump’s Truth Social platform.
On October 22, 2021, the Georgia congresswoman invested between $15,001 and $50,000 in Digital World Acquisition Corp., a special purpose blank check acquisition company, or SPAC.
A year after Greene made her investment, the stock’s value plunged more than 82 percent, according to Markets Insider, meaning the congresswoman lost between $12,330 and $41,100 on that single investment.
Only one other member of Congress has invested in Digital World Acquisition Corp. so far: Three days after Green’s investment, Congressman Larry Buckshon, Republican of Indiana, also invested between $1,001 and $15,000. (Legislators are only required to disclose the values of their stock trades in a broad range.)
Since Bucshon invested, the stock has dropped nearly as much — 80 percent, according to Markets Insider — meaning he’s lost between $800 and $12,000 on the investment.
The deal between Truth Social and Digital World Acquisition Corp. it was originally announced at the end of 2021 and was supposed to end in September 2022. But it has since been delayed. Truth Social’s owner, Trump Media and Technology Group, blamed the delay on the Securities and Exchange Commission, which delayed its review of the merger.
“The SEC delayed its review of our proposed merger with DWAC because it failed to take action even though DWAC filed its registration statement more than four months ago. This inexcusable obstruction, which directly contradicts the SEC’s stated mission, harms investors and many others who are simply following the rules and trying to grow a successful business,” Truth Social said in a regulatory filing.
It’s been a tumultuous year for Truth Social and Digital World Acquisition Corp. since Green and Buckshon invested.
Trump — still banned from Twitter — uses Truth Social to post statements and smears, and Google this month added the Truth Social app to its Google Play Store.
But usage of Truth Social has been weak, even after a spike in downloads following the August FBI raid on Trump’s Mar-a-Lago residence. The platform was also accused of forcing one of its suppliers to pay more than $1 million, and executives quietly left Truth Social’s parent company.
In August, Digital World Acquisition Corp. changed its headquarters address from a WeWork building to a PO Box at a UPS store in Miami, sandwiched between a nail salon and an Italian seafood restaurant.
Green’s investment in Digital World Acquisition Corp. is one of many in its portfolio of stocks that Insider has gathered from public disclosures since January 2021.
In late September, Green’s husband filed for divorce, citing the marriage as “irretrievably broken.” Green and her estranged husband, Perry Green, jointly own many stocks, which could complicate the divorce proceedings. An internal analysis previously found that Perry Green had invested hundreds of thousands in corporations that openly championed social causes that Marjorie Taylor Green opposed.
Since Insider first published its “Conflicted Congresses” series in December, which revealed multiple financial conflicts of interest and violations of federal disclosure law, Congress itself has been actively considering banning lawmakers and their spouses from trading individual stocks.
Democratic leadership delayed a vote on the bill until after the midterm elections, angering activists and lawmakers who had been pushing for the ban for months. But a vote is still possible before the current session of Congress ends in January.