Right-wing firebrand U.S. Rep. Marjorie Taylor Greene (R-Ga.) invested up to $50,000 in a company that will fund the creation of a new social media platform led by former President Donald Trump, according to a public disclosure that shows she purchased the stock near the height of its massive surge.
Greene purchased between $15,001 and $50,000 worth of Digital World Acquisition Corp. (DWAC) stock Friday, according to the disclosure.
DWAC, a special purpose acquisition company, is planning to merge with a new firm called the Trump Media and Technology Group to create a social media platform called TRUTH Social, which is billed as a “rival to the liberal media consortium.”
After the announcement of the new platform last week, the share price of DWAC surged more than 17 times, peaking at $175 on Friday morning.
The price quickly dropped from that high, closing at $94.20 on Friday, before sinking further this week—it was trading around $60 early Wednesday afternoon.