This is another big win for former U.S. President Donald Trump’s new social media venture “Truth Social” which is going to be YUGE.
Trump Media & Technology Group, which has yet to roll out the social media app, says it is developing, already stands to receive $293 million if its deal to list in New York through a merger with blank-check firm Digital World Acquisition Corp (DWAC.O) is completed.
Trump first announced the launching of his own social media app in October, TRUTH Social, that he said would “stand up to Big Tech” companies such as Twitter and Facebook that have barred him from their platforms.
According to The Wrap:
On Monday, U.S. Representative Devin Nunes announced that he will become the chief executive officer of former U.S. President Donald Trump’s new social media venture Trump Media & Technology Group, and he’s leaving Congress in the coming weeks.
JUST IN – GOP Rep. Devin Nunes to resign from Congress in the coming weeks to become CEO of Trump’s media company.
— Disclose.tv (@disclosetv) December 6, 2021
Nunes said in a letter to his constituents, “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.”
Trump said in a statement announcing Nunes’ new job, which will begin in January, “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.”
TMTG’s announcement came hours after the company disclosed that the Securities and Exchange Commission had launched an inquiry into the special purpose acquisition company — or SPAC — that plans to merge with Trump’s company to take it public.
On Saturday, the company announced it had raised $1 billion in funding from an undisclosed group of investors to launch a multifaceted media company including a social media network called Truth.
Shares of Digital World Acquisition Corp. (DWAC) were up nearly 7% in after-hours trading following the news about Nunes’ appointment.
This is great news – I have a feeling that Truth Social will be giving Twitter and Facebook a run for their money.