California republican congressman Devin Nunes to be Donald Trump social network CEO
In a statement, Trump Media & Technology Group revealed that the congressman Devin Nunes, first elected in 2002, will take office.
“The time has come to reopen the Internet and allow the free flow of ideas and uncensored expression,” said Devin Nunes
“The United States of America made the Internet dream come true and it will be an American company that restores the dream,” he added.
Trump Media & Technology Group plans to launch ‘Truth Social’ early next year to rival Twitter and other platforms that banned Donald Trump after the January 6 attack on Capitol Hill.
It was revealed in a statement that it already raised a billion dollars in investments from a group of anonymous investors.
The partner company on the project with Trump Media & Technology Group, Digital World Acquisition, known as DWAC, revealed on Monday that two regulatory agencies are examining the process.
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DWAC noted that it is cooperating with “preliminary fact-finding investigations” by the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority.
Regulators are considering a possible deal ahead of the stock market launch of Donald Trump’s new social networking company, which has already attracted legions of the former president’s fans and people looking for quick profits.
In early November, the SEC requested documents related to DWAC management meetings and communications between DWAC and Trump’s company, among other documents.
The DWAC noted that the SEC’s request “does not mean that it has concluded that someone has violated the law,” the AP reports.
The SEC may be investigating whether DWAC and Trump’s firm had any talks about a deal prior to DWAC’s initial public offering, noted University of Florida professor Jay Ritter.
According to forecasts, Truth Social could reach 81 million users in 2026, that is, seven million more people than those who voted for Trump in the last US presidential elections, won by Democrat Joe Biden.