A media company associated with former President Donald Trump, Digital World Acquisition Corp (DWAC), has been experiencing significant financial struggles. The company recently merged with Trump Media and Technology Group and went public on the Nasdaq as DJT, but the share prices have plummeted by at least 45% this month. Rep. Marjorie Taylor Greene, who bought shares in DWAC in October 2021, has not disclosed what happened to her stock since then. She purchased the stock in an amount ranging from $15,000 to $50,000, and the share price dropped from $118.80 to around $67 on the day she bought it.
Greene is one of two members of Congress who disclosed buying shares in DWAC, with the other being Rep. Larry Bucshon. Both lawmakers bought the stock in October 2021, around the same time the company announced its merger with Trump Media. Bucshon bought DWAC stock for $1,000 to $15,000 on October 25, 2021, with the stock closing at around $83 that day. Despite the sharp decline in stock price, Bucshon confirmed that he still owns stock in the merged company, which has seen its share price drop by 54% since debuting on the Nasdaq.
It remains unclear what has happened to Greene’s stock, as she has not disclosed any changes in ownership in her official financial disclosures. Her spokesperson indicated that she currently holds no stock in any company, but it is uncertain whether she sold her DWAC stock or what happened to it. Ethics lawyers have raised concerns about the lack of transparency regarding the status of Greene’s stock and have suggested several possible explanations, including the stock’s value dropping below $1,000, recent sale without disclosure, or losing the asset during her divorce in 2022.
Members of Congress are not prohibited from trading or holding individual stocks, but they are required to report any trades within 45 days under the STOCK Act. However, there have been calls for legislation that would ban lawmakers from trading individual stocks while in office, but such measures have not made progress in Congress. Greene’s reluctance to disclose the status of her stock in DWAC and Trump Media has raised questions about financial transparency among lawmakers and the need for increased oversight regarding their investments. The declining fortunes of DWAC and Trump Media have underscored the risks associated with investing in companies with ties to controversial figures like Donald Trump.
