Rep. Devin Nunes, R-Calif., will resign from Congress to become chief executive officer of former President Donald Trump’s fledgling social media company next month, the group said Monday.
Nunes, the top Republican on the House Intelligence Committee, will start as CEO of Trump Media & Technology Group, or TMTG, in January.
The press release from TMTG came hours after documents revealed that the special purpose acquisition company — or SPAC — that plans to merge with Trump’s company had been contacted weeks earlier by the Securities and Exchange Commission. They and another regulator had asked the SPAC, Digital World Acquisition Corp. or DWAC, for information about the lead-up to the deal with TMTG being announced.
Shares of DWAC were up more than 7% in after-hours trading following the announcement that Nunes had been tapped to lead TMTG.
“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,” Nunes said in the press release.
A spokesman for the congressman did not immediately respond to CNBC’s request for comment.
Nunes, 48, has represented California’s 22nd congressional district in the San Joaquin Valley since 2003. The San Joaquin Valley Sun, which first reported Nunes’ departure from Congress, noted that California’s redistricting maps showed Nunes may have faced a tougher reelection fight in 2022.
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