""SPAC Stock"" – Google News
MP Marjorie Taylor Greene, R-Ga., Bought up to $ 50,000 in shares in the company that plans to merge with former President Donald Trump’s new media company, the congresswoman announced in a file on Tuesday.
A passionate Trump supporter, Greene bought between $ 15,001 and $ 50,000 in shares of Digital World Acquisition Corp. on Friday. The company is a SPAC, or special acquisition company, formed to buy another company and take it public. Digital World is traded on the Nasdaq stock exchange under the ticker “DWAC”.
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Digital World ‘s share price fluctuated sharply on Friday, opening at $ 118.79 per share and rising as high as $ 175 per share. At its lowest, a share of Digital World sold for $ 67.96 that day. It is not clear at what price Greene bought the shares.
When Greene announced the purchase in a congressional filing on Tuesday, the stock closed at $ 59.07 per share. On Wednesday it closed at $ 64.89. The disclosure was first noted by Congresstrading.com, which is tracking share purchases by members of Congress.
Since the news of the proposed merger of Digital World with Trump’s company, the “meme stock” has been the subject of posts on the Reddit channel WallStreetBets, a forum in which day traders have seized stocks like GameStop and AMC.
Trump Media and Technology Group announced last week it would merge with Digital World when it announced the development of a new social media platform called Truth Social. Trump said in a statement that the network would “stand up to the tyranny of big tech”. The former president was booted from Facebook and Twitter after the January 6 riot in the Capitol.
Digital World CEO Patrick Orlando said last week, “Given the overall addressable market and President Trump’s huge following, we believe the [Trump Media and Technology Group] Chance has the potential to create significant shareholder value. “
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Other social media platforms, including several aimed at conservatives, have tried largely unsuccessfully to eradicate the influence of Facebook and Twitter in the United States. Parler was briefly popular after Trump was urged by Twitter and Facebook, but it was shut down for weeks by Amazon, which withdrew its cloud support over concerns that the platform was not doing enough to mitigate incitement to violence. (Amazon founder Jeff Bezos owns The Washington Post.)
Trump has been planning Truth Social for months, which is slated to launch as a beta version in November and fully in the next year. After the launch of his blog “From the Desk of Donald Trump” was disappointed by a low readership, he told his advisors he was concerned that the disappointing performance could cast doubts on the platform he was trying to create, the previously reported Washington Post.
His new company also plans to launch a streaming service that will offer “not woken up” entertainment programs, news, podcasts, and more.
Truth Social was the subject of online trolling even before it was released. The website was briefly open to the public following the announcement last week, allowing users to claim usernames. An account under the user name “donaldjtrump” published a photo of a pig in its droppings. A post reporter was able to register and post under the user name “mikepence”.
The platform, which appears to be the main focus of Trump’s new media company, bears a great deal of resemblance to Twitter – the platform that paved Trump’s rise to the presidency and defined his four years in office. On Truth Social, users can post “truths” like tweets and “re-truths” like retweets.
Greene, a conspiracy theorist whose rise to political power came with the help of Trump allies, has reiterated the former president’s false claims that the 2020 elections were “stolen”. On Twitter, from which she has been suspended several times, she describes herself as “Pro-Life Pro-Gun Pro-Trump”.
“Tell me who your president is?” Greene asked a lot at an America First event in Florida in May. “Donald Trump!” answered the crowd.
Greene won her seat in 2020 as the representative of Georgia’s 14th Congressional District, a reliably republican portion of northwest Georgia.
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