Devin Nunes Leaving Congress To Become Trump Media SPAC CEO
10-term congressman Rep. Devin Nunes (R-CA) announced his retirement from Congress at the end of this month to serve as CEO of the Trump Media & Technology Group.
“Recently, I was presented with a new opportunity to fight for the most important issues I believe in. I’m writing to let you know I’ve decided to pursue this opportunity, and therefore I will be leaving the House of Representatives at the end of 2021,” Nunes said in a vaguely worded Monday statement.
“Rest assured, I have not, by any means, given up our collective fight—I’ll just be pursuing it through other means.”
Concurrent with his announcement, the Trump Media & Technology Group (TMTG) announced in a press release that Nunes – currently the top Republican on the House Intelligence Committee – had been selected to join the company as Chief Executive Officer.
“Mr. Nunes is currently a sitting U.S. House Representative, representing California’s 22nd congressional district, and formerly the Chair of the House Intelligence Committee. Mr. Nunes will be leaving the U.S. House of Representatives and will begin his new role as Chief Executive Officer of TMTG in January 2022.”
Former President Trump said of the move: “Congressman Devin Nunes is a fighter and a leader. He will make an excellent CEO of TMTG. Devin understands that we must stop the liberal media and Big Tech from destroying the freedoms that make America great. America is ready for TRUTH Social and the end to censorship and political discrimination.”
Nunes, meanwhile, said “The time has come to reopen the Internet and allow for the free flow of ideas and expression without censorship. The United States of America made the dream of the Internet a reality and it will be an American company that restores the dream. I’m humbled and honored President Trump has asked me to lead the mission and the world class team that will deliver on this promise.”
The news comes after TMTG announced a $1 billion private capital infusion over the weekend – formally known as as “PIPE” which values the company at $4 billion.
Shares sold off on Monday, however, after the company revealed in an 8-k filing that it has received notifications from both FINRA and the SEC demanding documents. The company insists it’s cooperating.
DWAC has received certain preliminary, fact-finding inquiries from regulatory authorities, with which it is cooperating. Specifically, in late October and in early November 2021, DWAC received a request for information from FINRA, surrounding events (specifically, a review of trading) that preceded the public announcement of the October 20, 2021 Merger Agreement. According to FINRA’s request, the inquiry should not be construed as an indication that FINRA has determined that any violations of Nasdaq rules or federal securities laws have occurred, nor as a reflection upon the merits of the securities involved or upon any person who effected transactions in such securities. Additionally, in early November 2021, DWAC received a voluntary information and document request from the SEC which sought, inter alia, documents relating to meetings of DWAC’s Board of Directors, policies and procedures relating to trading, the identification of banking, telephone, and email addresses, the identities of certain investors, and certain documents and communications between DWAC and TMTG. According to the SEC’s request, the investigation does not mean that the SEC has concluded that anyone violated the law or that the SEC has a negative opinion of DWAC or any person, event, or security.
Both regulators are sniffing around for rule violations, but at least the SEC is being somewhat transparent about the fact that this is a massive fishing expedition. But we can’t help but wonder if they would be as aggressive under a Republican administration?
Shares in TMTG (Symbol: DWAC) were up as much as 10% after hours.
Mon, 12/06/2021 – 17:28