By Ben Burke (Producer), Simone Del Rosario (Business Correspondent)
Trump Media & Technology Group (TMTG), the media company started by former President Donald Trump, announced Monday it has tapped Representative Devin Nunes (R-CA) to be the company’s CEO. Rep. Nunes will make the transition from Congress to his new position at the end of the year.
“The United States of America made the dream of the Internet a reality and it will be an American company that restores the dream,” Nunes said in a TMTG news release. “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.”
While Nunes has no discernible tech industry or executive experience, he is a staunch ally of the former president, receiving the Presidential Medal of Freedom last year. Nunes is also a harsh critic of mainstream media firms. In two cases, both thrown out by judges, Nunes sued CNN and Twitter for defamation.
“Devin understands that we must stop the liberal media and Big Tech from destroying the freedoms that make America great,” Trump said about Nunes in the media company release. “America is ready for TRUTH Social and the end to censorship and political discrimination.”
The announcement of Nunes as the Trump media company CEO comes as the company is under investigation by the U.S. Securities and Exchange Commission (SEC). The SEC is looking at the merger between TMTG and Digital World Acquisition Corp. (DWAC). According to filings, regulators have questions about stock trading and communications before the deal was announced.
DWAC is a Special Purpose Acquisition Company (SPAC), meaning it raised money publicly from investors with the goal of finding a private company to merge with. DWAC raised nearly $300 million back in September, with investors having no idea the money would be used to take TMTG public. All investors knew was that DWAC was looking to invest in “middle-market emerging growth technology-focused companies.”
Had Nunes stayed in Congress instead of becoming the CEO of the new Trump company, he would’ve faced a tough reelection campaign in 2022. Since California lost a House seat after the latest census, Nunes’ district is likely to flip from a district Trump won in 2020 to one that President Joe Biden won.