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U.S. congresswoman Greene bought Trump SPAC shares

Stock Markets Oct 28, 2021 04:39PM ET
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2/2 © Reuters. FILE PHOTO: U.S. Rep. Marjorie Taylor Greene (R-GA) speaks to reporters about being temporarily suspended from Twitter for tweets which violated the social media's misinformation policy on COVID-19 from her office in Longworth House Office Building in Was 2/2
 
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By Anirban Sen

(Reuters) -U.S. Representative Marjorie Taylor Greene, an ally of Donald Trump, bought as much as $50,000 worth of shares in the special purpose acquisition company (SPAC) that has agreed to merge with the former president's new social media venture.

Greene bought shares worth between $15,001 and $50,000 on Oct. 22, the day they rose in value by as much as 1,650% from what they were worth before the deal, as amateur traders and Trump supporters snapped them up, according to a regulatory filing published on Wednesday.

The shares of the SPAC, Digital World Acquisition Corp, have given up most of their gains since Greene invested on Friday.

“This transaction was reported in compliance with House rules and provides all required details about the transaction," said a spokesperson for Greene's congressional office.

There is no suggestion that Greene broke any rules with her investment. Members of Congress are allowed to trade shares as long as they are not using non-public information.

A firebrand Republican, Greene has often been criticized for provocative comments and Twitter Inc (NYSE:TWTR) has on occasions blocked her social media account. In June, the 47-year-old congresswoman from Georgia publicly apologized for comparing COVID-19 mask requirements and vaccinations to the Nazi Holocaust that killed 6 million Jews.

Digital World shares were up 73% on Thursday afternoon since the deal announcement, giving Trump's company, Trump Media & Technology Group, a valuation of about $6.3 billion. The company's social media app has not yet launched even on a trial basis, yet it has big ambitions given Trump's previous social media following.

He had 89 million followers on Twitter, 33 million on Facebook (NASDAQ:FB) and 24.5 million on Instagram, before he was banned for encouraging his supporters to participate in the U.S. Capital attack on Jan. 6.

Trump and other Trump Media & Technology Group shareholders will initially own 69% of the combined company after the merger with the SPAC, a regulatory filing showed this week. Their ownership could reach 77% if the company's stock meets certain price milestones.

U.S. congresswoman Greene bought Trump SPAC shares
 

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Comments (8)
Kenny Venezia
Kenny Venezia Oct 28, 2021 4:05PM ET
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ya, let's see if it ever hits a computer screen. just might be another DT grift
Ac Tektrader
Ac Tektrader Oct 28, 2021 3:29PM ET
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hipocracy of fox news....Fox news has strick covid-19 mandates for it's full time employees, you must be vaccinated or submit to daily covid-19 testing to work at fox news.
Ac Tektrader
Ac Tektrader Oct 28, 2021 3:23PM ET
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just because fox news with its hipocracy and proven dis- information campaign and makes itselfthe official news outlet for the far right Republican party, doesn't mean every other news outlet some how supports the democratic party. most mainstream news agencies try sticking to reporting the news as it happened, unfortunately the members of the far right and little felipe Daniel can't handle the truth.
Jeff Hermann
Jeff Hermann Oct 28, 2021 3:13PM ET
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Now do Pelosi...the most powerful woman in Congress!
Tony Huynh
Tony Huynh Oct 28, 2021 3:13PM ET
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Umm you can already see what Pelosi bought lol. Mostly tech companies and TSLA
Jeff Hermann
Jeff Hermann Oct 28, 2021 3:13PM ET
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Tony Huynh  She has gotten filthy rich over the years based on timely stock options based on advanced inside information she has. Nice try. Greene had no inside information on DWAC.
Ac Tektrader
Ac Tektrader Oct 28, 2021 3:13PM ET
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Green's true devotion to trump just cost her thousands of dollars, and Trump true to his nature just screwed her, and everyone else who was stupid enough to fall for another of his scams. I told every trader I know to short the stock after the open. made a nice short term profit.
Ac Tektrader
Ac Tektrader Oct 28, 2021 3:13PM ET
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no one that I know of said Green had inside information. they just wanted to demonstrate how devoted she was to anything to do with Donald Trump. even willing to trust this con man with her capital.
Mark Stallone
Mark Stallone Oct 28, 2021 3:12PM ET
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This is a very interesting article. I've given it a good read, and have come to one conclusion.. Let's go Brandon.
Felipe Daniel
Felipe Daniel Oct 28, 2021 3:09PM ET
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Now lets get this report on Nancy Pelosi? Maybe Reuters wont do it since they work for Democrats
Ac Tektrader
Ac Tektrader Oct 28, 2021 3:06PM ET
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the best president ever??? serial liar, business cheat, rip off artist, weak willed, anti worker, envious of dictorial power of authoritarian dictatorships, supporter of violent, far right militas, their rascism and bigotry. Donald Trump, A real piece of anti-democratic work.
DJ Ryte
DJ Ryte Oct 28, 2021 3:06PM ET
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Tool of lying left media parroting their pablem
Ac Tektrader
Ac Tektrader Oct 28, 2021 3:06PM ET
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I 've known about Trump and his lies, criminal and shady enterprises since 2005 when I ran into some of his ex investors or should I call them his victims, A land and development con in Baja Mexico and Trump University are just two of the many scams he's gotten away with.
Bennett Oberlander
Bennett Oberlander Oct 28, 2021 1:57PM ET
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“He had 89 million followers on Twitter, 33 million on Facebook (NASDAQ:FB) and 24.5 million on Instagram, before he was banned for encouraging his supporters to participate in the U.S. Capital attack on Jan. 6.” So he’s acquitted of encouraging the riots yet you still report that he was banned from twitter for encouraging the riots.
 
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