Digital World Acquisition stock rallied nearly 5% in premarket trading as U.S. Congressman Nunes left to head Trump Media.
Trump Media & Technology Group said it had named Rep. Devin Nunes (R., Calif.), a longtime ally of former President Donald Trump, as chief executive of the social-media venture.
Mr. Nunes, the top Republican on the House Intelligence Committee, has told colleagues he plans to resign from Congress, a House Republican aide said. A spokesman for Mr. Nunes didn’t respond to a request for comment.
“Devin understands that we must stop the liberal media and Big Tech from destroying the freedoms that make America great,” Mr. Trump said in a statement from the company, which plans to launch a new social-media platform called TruthSocial.
Trump Media & Technology Group said Mr. Nunes, 48 years old, who first took office in 2003, would begin as CEO in January. Mr. Trump is chairman of the company.
Back in October, the company said it would merge with a special-purpose acquisition company, Digital World Acquisition Corp. The effort to launch a new platform came after Mr. Trump’s access to several social-media companies including Twitter Inc. and Facebook Inc. was restricted following the Jan. 6 assault on the U.S. Capitol.
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