The internet is soon to welcome another social media platform, the Truth Social. It has the backing of one of the most influential figures in global politics and business, former President Donald Trump of the United States. The company behind the new network, Trump Media & Technology Group, TMTG, is getting a new CEO, a well-known face in the country’s top politics, Devin G Nunes.
Nunes will not seek reelection when his term in the US House of Representatives, although redistricting would have made it difficult for Nunes to be reelected.
The news of Nunes’ appointment came as TMTG is planning a special purpose acquisition with Digital World Acquisition Corp (DWAC) merger as its route to being publicly traded on the Nasdaq.
Nunes is one of the most ardent supporters of ex-President Trump, who served on the House committee that investigated allegations that Trump’s first election got assistance from the Russian government.
As the CEO of TMTG, Nunes will oversee the day-to-day operation of the upcoming Truth platform. He will compete with the likes of Twitter and Facebook for mindshare.
Ex-President Trump had had his accounts banned across major social media. His Twitter account was the most notable loss, as he often tweeted to his millions of followers, becoming the most active president on the platform. The bans came as the aftermath of the January 6th invasion of the Capitol during proceedings to validate results of the last election, which Trump lost, by his supporters.
Nunes will also run the streaming platform TMTG Plus which will offer conservative-oriented entertainment, news, documentaries, etc.
Trump, who is the chairman of TMTG, has hailed Nunes as a fighter cum leader who is not afraid to fight people trying to take away freedom from the American people.
However, the Truth social media has become embroiled in controversies even before it takes off. For example, Mastodon has accused it of reusing its open-source code without the proper notification or publishing the changes it has made to the code, which is a requirement intended to make the code better. Since the accusation, Truth Social has partially complied with the requirements.
DWAC is also the target of probes by two different US regulatory agencies, as revealed by the SPAC. It received information inquiries from the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
The SEC is looking into communications between DWAC and TMTG, which cover “documents relating to meetings of DWAC’s Board of Directors, policies and procedures relating to trading, the identification of banking, telephone, and email addresses, the identities of certain investors, and certain documents and communications between DWAC” and the Trump Media and Technology Group, (TMTG).”
FINRA wants to know the details of trading before the merger between the two entities announced the proposed merger.
Any incriminating out from the two probes can put a halt to the merger, but if approved, TMTG would gain about $300 million to finance its social media network. DWAC indicated it was co-operating in both probes, stressing nothing indicated malpractice had occurred.
The full text of Nune’s appointment is reproduced below:
“Trump Media & Technology Group (‘TMTG’) today announced that Congressman Devin G. Nunes has been selected to join the Company as Chief Executive Officer. Mr. Nunes is currently a sitting US House Representative, representing California’s 22nd congressional district, and formerly the Chair of the House Intelligence Committee. Mr. Nunes will be leaving the US House of Representatives and will begin his new role as Chief Executive Officer of TMTG in January 2022.
President Donald J. Trump, Chairman of TMTG, commented, “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.”
Congressman Devin Nunes added, “The time has come to reopen the internet and allow for the free flow of ideas and expression without censorship. The United States of America made the dream of the internet a reality and it will be an American company that restores the dream. 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.”
Since 2003, Mr. Nunes has served in the US House of Representatives, currently serving California’s 22nd district. As Chairman of the House Intelligence Committee (2015-2019), Mr. Nunes worked on important matters related to US security, including cybersecurity and information technology. Mr. Nunes is also a Presidential Medal of Freedom recipient.”