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A long-awaited SPAC (special purpose acquisition company) merger was approved on Friday and will see Donald Trump's media company Trump Media & Technology Group (NASDAQ:DJT) make its public debut.
Among the shareholders of the Trump company is a well-known member of the U.S. House of Representatives.
What Happened: In October 2021, Digital World Acquisition Corp (NASDAQ:DWAC) announced a SPAC merger with Trump Media & Technology Group.
News of the deal sent shares soaring with the stock going from $10 to $52 on the day after the announcement. A day later on Oct. 22, 2021, shares of the SPAC traded between $67.96 to $175 with investors pouring in to get exposure to a stock related to the former president.
One of those buying Digital World Acquisition shares on Oct. 22, 2021, was U.S. Rep. Marjorie Taylor Greene (R-Ga.).
A filing on Oct. 26 disclosed that Greene bought $15,001 to $50,000 worth of DWAC shares on Oct. 22, 2021.
"This transaction was reported in compliance with House rules and provides all required details about the transaction," Greene's office told CNBC at the time, confirming the trade.
The purchase did not disclose an exact amount of money spent on the trade or the number of shares bought.
Based on the total purchase price and the share price range on the date of the trade, Greene could have bought the following.
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 753.73 shares. The $15,000 to $50,000 investment would now be worth $11,285.41 to $37,617.87. This represents a loss of 24.8% based on the current $51.13 price for DWAC at the time of writing.
If Greene bought shares at the high price of $175 on Oct. 22, 2021, she could have bought between 85.71 and 285.71 shares. The $15,000 to $50,000 investment would now be worth $4,382.35 to $14,608.35. This represents a loss of 70.8% based on the current $51.13 price for DWAC at the time of writing.
What's Next: Greene has not disclosed selling her shares of Digital World Acquisition Corp., which means she will own shares of Trump Media & Technology Group come Tuesday when the highly anticipated merger is completed.
The Congresswoman has been a Trump ally and appeared on shortlists for a potential vice president running mate for Trump in the 2024 election.
Trump will own 80 million shares in the newly formed company and faces lock-ups of shares that could be changed by the company's board of directors. Trump is also subject to unlocking additional shares based on milestones for the stock in the coming months.
While Greene is down on her trade, the good news is she likely didn't redeem the shares at net asset value like some investors did, trading their shares for $10.85 each.
DWAC Price Action: Digital World Acquisition shares are up 35.22% to $49.95 on Monday at market close versus a 52-week trading range of $12.40 to $58.72.
Read Next: Trump In Legal Spat With Truth Social Co-Founders: ‘Some People Aren’t Happy With 90%’
Photos: Shutterstock
