A media company co-founded by Donald Trump continues to hit new lows since going public in March 2024. While investors who bought in prior to the SPAC merger being announced or when there were concerns of the deal being approved are up on their investment, one member of Congress is significantly down on their original purchase.
What Happened: A SPAC merger between Digital World Acquisition (DWAC) and Trump Media & Technology Group (NASDAQ:DJT) was announced back in October 2021.
After multiple delays and setbacks in the approval process, the company officially completed the merger and began trading as the new name and ticker on March 26, 2024.
On the first day of trading, DJT stock traded between $57.25 and $79.38, opening at $70.90 and closing at $57.99.
The strong demand for the Trump media company helped boost the wealth of the former president and also echoed the high prices the former SPAC, Digital World Acquisition, saw when the deal was first announced.
Shares of Digital World Acquisition soared after the Trump SPAC deal was officially announced. Among the buyers of the SPAC before the merger closing was Rep. Marjorie Taylor Greene (R-Ga.), who disclosed she bought DWAC shares on Oct. 22, 2021.
Shares of Digital World Acquisition traded between $67.96 and $118.80 on the day Greene made her purchase, with a tweet from UnusualWhales pinning the purchase price at $94.20.
"This transaction was reported in compliance with House rules and provides all required details about the transaction," Green's office told CNBC at the time, confirming the trade.
The congresswoman’s disclosure does not require the exact price or exact amount of shares purchased to be made public. Instead, we know that Greene purchased $15,000 to $50,000 worth of shares and the average price reported was $94.20.
Based on the total purchase price and the share price listed above, Greene would have bought between 159.23 and 530.79 shares. The purchase would now be worth $3,437.78 to $11,459.76 and down 77.1%.
If Greene bought shares at the intraday low price of $67.96 on the day of the purchase, she could have bought between 220.72 and 735.73 shares. The $15,000 to $50,000 investment would now be worth $4,765.34 to $15,884.41 and down 68.2%.
If Greene bought shares at the intraday high price of $118.80 on the day of the purchase, she could have bought between 126.26 and 420.88 shares. The $15,000 to $50,000 investment would now be worth $2,725.95 to $9,086.80 and down 81.8%.
Did You Know?
- Congress Is Making Huge Investments. Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool
Why It's Important: Greene has not disclosed in a filing that she has sold the shares, which means she still owns the position and is sitting on a current large loss. As an avid Trump supporter, Greene could also be holding onto the position to show support for the former president.
The congresswoman recently disclosed her first stock transactions in several years back in May when she announced several purchases. Greene also shared in a second May filing that she bought shares of Apple, AMD, Caterpillar and several stocks alongside large investments in U.S. Treasury bills. See Greene's trading history here.
Recent 13F filings showed Trump Media & Technology shares were bought by the likes of BlackRock, State Street, Charles Schwab and Vanguard in the second quarter.
Trump Media & Technology shares have fallen over the past month after reporting quarterly financial results and seeing pressure on the stock with Trump returning to social media platform X, which is a rival of the Trump Media & Technology-owned Truth Social platform.
DJT Price Action: Trump Media & Technology shares closed Tuesday at $21.42.
Check This Out:
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