Expert in Judaic Space Laser targeting, and a QOP stalwart, Rep. Marjorie Taylor Green invested in a shell company intended to take Trump's new social media network public. The value of those shares has fallen by around 60% in just a few days.
Shares of Digital World quadrupled in the first day of trading after the deal was announced. By Friday, the Trump SPAC climbed to as high as $175, a staggering 1,657% above its Wednesday closing price.
That was the day that Greene bought shares. The Trump SPAC attracted interest from traders at WallStreetBets, the Reddit page behind the rise of GameStop (GME).
But the rally quickly fizzled. Digital World fell 11% on Monday and then lost 30% on Tuesday. It's currently trading at around $65 — down by two-thirds from last week's peak.
It's not clear how much Greene has lost so far on the Trump SPAC bet.
On the day Greene made the trade, Digital World Acquisition Corp. traded in a very wide range between $67.96 and $175. At best, the investment would be in the red slightly compared with current trading levels.
IPO watchers said the spike was highly unusual — especially because little is known about the Trump venture.