When Donald Trump announced that he would be creating his new bigger and better social media platform Truth Social, everybody laughed, yawned, or asked the person speaking to repeat themselves. There were many on the right who saw this as a chance to make some money with their “brand” as well as an option for right-wing bigots and fascists to speak with even less of a filter to their white supremacist base. One of those people was Rep. Marjorie Taylor Greene, who had herself run afoul of community standards on social media platforms Twitter and Facebook.
Trump’s plan for Truth Social was to make it a public company by way of a merger with Digital World Acquisition Corp. According to Forbes, days after Trump’s announcement, Greene quickly bought up some stock in Digital World Acquisition. Since Congress doesn’t have to specify exactly how much they’ve purchased of a stock (only give a general range), Greene’s initial investment in Digital World Acquisition Corp. was reportedly between $15,000 and $50,000.
The investment doesn’t seem to have gone very well so far.
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Truth Social launched, softly and stumbling, earlier this year. Many watchers couldn’t help but notice that like everything else Trump and his GOP minions do, the product seemed shoddy and unoriginal. It also became clear pretty quickly that comedy hater Devin Nunes was having a hard time getting even the perennially low-hanging fruit of Fox News to set up its account. At the same time it became clear that the merger between Trump’s social media platform and Digital World Acquisition Corp. was not going to go smoothly; for one, there is a federal investigation of the proposed merger. Meanwhile, top executives began abandoning the social media company less than a month after its launch.
Mother Jones reports that the money Greene invested on Digital World Acquisition Corp. stock has not appreciated. It has done the opposite of appreciating. To what degree Greene is taking a bath on this investment remains to be seen. “According to a periodic transaction report filed by Greene, she bought between $15,001 and $50,000 worth of DWAC stock on Oct. 22, 2021. Congressional stock tracking website CapitolTrades.com reports she bought her shares for $94.20 (which was the stock’s closing price that day), which would imply that Greene owns anywhere from 159.2 shares to 530 shares.”
Thoughts. And. Prayers.
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