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Rep. Marjorie Taylor Greene bought up to $50,000 worth of shares in Trump SPAC

Trump stock slumps after trading frenzy
Trump stock slumps after trading frenzy 05:59

Rep. Marjorie Taylor Green is one investor who appears to have faith in the newly formed company backing former President Donald Trump's social media venture.

A congressional disclosure form shows the Georgia lawmaker last week bought between $15,001 and $50,000 worth of shares in Digital World Acquisition Corp. The disclosure was first noted by Congresstrading.com, which tracks stock purchases made by members of the House and Senate.

Digital World, a special purpose acquisition company, or SPAC, merged with the former president's company, Trump Media & Technology Group, earlier this month. After going public, Digital World's stock price surged as much as 1,200%. The shares traded at about $70 a on Thursday, valuing the company at $2.6 billion. 

A self-proclaimed Trump supporter, Greene has not said what spurred her investment in Digital World. "This transaction was reported in compliance with House rules and provides all required details about the transaction," her office said in an emailed statement to CBS MoneyWatch.

Trump Media & Technology Group plans to launch a social media platform, called Truth Social, as well as a streaming video service that will feature what it calls "non-woke" programming. The company has raised almost $300 million from investors.

Role of pro-Trump "command center" on January... 05:12

Truth Social is scheduled to debut in early 2022, with plans for a limited rollout in November for "invited guests," according to a regulatory filing. But even before its rollout, the service has come under attack by hackers, who gained access to the site and created fake accounts for Trump and others, the New York Times reported.

Some investors may be banking on Trump's popularity among conservative Americans, who may follow him to the new service. Trump had about 90 million followers on Twitter, before the company permanently banned him from the platform after the January 6 assault on the U.S. Capitol, which the former president is accused of inciting.

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