Devin Nunes to step down as CEO of Trump Media Technology Group

Devin Nunes will retire from Congress to take over as chief executive at Donald Trump's new social media company.

Trump Media Technology Group said late Thursday that the California Republican will join the company in January.

Nunes sent his constituents Thursday, saying that they were given a new chance to fight for the most important issues I believe in. I will be leaving the House of Representatives at the end of 2021, and I want to let you know that I have decided to pursue this opportunity. Nunes was a vocal supporter of Trump when he was president, and served as chairman of the House Intelligence Committee. He was in line to chair the House Ways Means Committee if Republicans win control of the House in the next year s midterm elections. The 10 term congressman faced a tougher path to re-election in 2022, as a preliminary redistricting map would have given Democrats an edge in his Central California district.

Trump called Nunes a leader and a fighter. He will be an excellent CEO of TMTG. Devin understands that we need to stop the liberal media and Big Tech from destroying the freedoms that make America great. In the year 2019, Nunes sued Twitter Inc. TWTR, seeking $250 million in damages, and claiming that the company allowed its users — including parody accounts such as Devin Nunes Cow — to defame him. A Virginia judge threw out the lawsuit in 2020, ruling that Twitter was protected by Section 230 of the 1996 Communications Decency Act, protections that Trump and his allies tried to repeal.

Digital World Acquisition DWAC, the special-purpose acquisition company that is about to take Trump Media Technology Group public, said it faces regulatory investigations by the Securities and Exchange Commission and the Financial Industry Regulatory Authority about its proposed merger.

After sunk during the regular trading day, DWAC shares went up more than 9% in after-hours trading, following the announcement of Nunes.