Georgia’s MAGA mouthpiece Marjorie Taylor Greene reported purchasing as much as $50,000 worth of shares in a shell company merging with Trump’s new social media venture.
MTG bought shares of Digital World Acquisition Corp. last Friday when they skyrocketed 1,657% above a previous level two days before, topping out as high as $175. Just days later, the stocks fizzled, gradually dropping down by two-thirds of last week’s high. Today’s current share lists at around $65.
It’s not clear yet how much Greene spent, and how much she lost, but it’s likely she’s in the red.
Members of Congress are allowed to trade stocks as long as they are not using non-public information for their personal gain. However, their trades may raise ethical issues because their work as lawmakers may influence their decisions.
Trump announced late Wednesday that his company, Trump Media and Technology Group, would be launching a new social media platform called Truth Social. The media company and platform were created, Trump said in a statement, to “stand up to the tyranny of Big Tech.”
“We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced,” he said. “This is unacceptable.”