By Mike Murphy
DWAC shares shoot higher after hours
Rep. Devin Nunes will retire from Congress to take over as chief executive at Donald Trump's new social media company.
In a statement late Thursday, Trump Media & Technology Group said the California Republican will join the company in January.
Nunes also emailed his constituents Thursday, saying: "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 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 powerful House Ways & Means Committee if Republicans win control of the House in next year's midterm elections. The 10-term congressman faced a potentially tougher path to reelection in 2022, as a preliminary redistricting map would have given Democrats an edge in his Central California district.
In a statement Thursday, Trump called Nunes "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."
In 2019, Nunes sued Twitter Inc. (TWTR), seeking $250 million in damages and claiming 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 Twitter was protected by Section 230 of the 1996 Communications Decency Act -- protections that Trump and his allies sought to repeal.
Earlier Monday, Digital World Acquisition (DWAC) -- the special-purpose acquisition company looking 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.
Read more:The SEC has some questions for the Trump SPAC
After sinking during the regular trading day, DWAC shares shot more than 9% higher in after-hours trading, following Nunes' announcement.
(END) Dow Jones Newswires
December 06, 2021 18:17 ET (23:17 GMT)
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