Mod: Donald Dog's latest business bust has cost Margie some bigly bucks.Here's How Much Marjorie Taylor Greene May Have Lost From Investing In The Donald Trump SPAC Deal (Benzingalink): A SPAC ("Special Purpose Acquisition Company") merger plans to bring former President Donald Trump’s new social media platform and media assets public. The SPAC saw a huge increase in its share price in 2021 after the deal was announced.
A member of the
U.S. Congress was one of the people who bought shares of the
SPAC. Here’s a look at the potential loss the
Congress member now has.
What Happened: A SPAC merger to bring Trump Media & Technology Group, the parent company of social media platform Truth Social, public was announced in late 2021. The deal merges Trump Media & Technology Group with Digital World Acquisition Corp.
The
SPAC deal has faced several setbacks and investigations and has not been completed yet. Investors flocked to the
SPAC in 2021 and the common shares were one of the top-performing
IPOs of the calendar year. One of the investors who bought in early on
DWAC shares after the deal was announced was
U.S. Rep Marjorie Taylor Greene, a
Republican from
Georgia.
A filing on Oct. 26 disclosed that
Greene bought
$15,001 to
$50,000 worth of
DWAC shares on Oct. 22, 2021.
Greene’s office later confirmed the trade.
According to a tweet on the post about the purchase, Greene paid an average of $94.20 for the DWAC shares. Shares of Digital World Acquisition traded between $67.96 and $118.80 on the day Greene made her purchase.
DWAC Performance Since Greene Bought:
Digital World Acquisition shares had a nice run-up in February 2022 before falling through the rest of 2022. Shares of the
SPAC are down 21% year-over-year and continue to face pressure over the deal not being finalized and pushed through before a merger agreement deadline. Without completing the deal by the deadline, the
SPAC could be forced to liquidate shares at net asset value, which would value them closer to the $10 level.
The congresswoman's disclosure does not require the exact price or exact amount of shares purchased to be made public. Instead, we know that
Greene purchased $15,000 to $50,000 worth of shares and the average price reported was $94.20.
• Based on the total purchase price and the share price listed above, Greene would have bought between 159.23 and 530.79 shares. The purchase would now be worth $1,990.38 to $6,634.88 and down 86.7%.
• If
Greene bought shares at the intraday low price of $67.96 on the day of the purchase, she could have bought between 220.72 and 735.73 shares. The $15,000 to $50,000 investment would now be worth $2,759.00 to $9,421.63 and down 81.6%.
• If Greene bought shares at the intraday high price of $118.80 on the day of the purchase, she could have bought between 126.26 and 420.88 shares. The $15,000 to $50,000 investment would now be worth $1,578.25 to $5,261.00 and down 89.5%.
Mod: Meanwhile, over in the Lone Star state (link).
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