Truth Social CEO Suggests SEC Trying To Stop Merger Over Politics
During a recent TV appearance, Trump Media & Technology Group CEO Devin Nunes discussed his suspicions that the Securities and Exchange Commission (SEC) is trying to stop a prospective merger for political reasons.
Nunes expressed his concerns during a Monday appearance on the “Just the News, No Noise” television show just one day before SEC Chairman Gary Gensler is scheduled to speak before Congress.
The merger, which the SEC appears to be trying to prevent, would allow Truth Social to be listed on the stock exchange and would give the company a chance to raise key capital to expand the social media platform.
Nunes, who previously represented California in Congress, called out Gensler specifically — arguing that his time as SEC chairman has been filled with numerous disasters.
“Well, overall, you’ve had some of the biggest disasters that have occurred on his watch, whether it’s the cryptocurrency guy, the FTX guy, so many things that have blown up on his watch,” Nunes said.
“And in the meantime, you know, he’s worked overtime to try to kill our company,” the former congressman claimed. “We’re a privately held company. We’ve been attempting to merge with a finance company. It’s a well-known mechanism. The stockholders, the shareholders have voted overwhelmingly to stay involved in this. We have said that, ‘Look, we’d like to get this deal completed.’ But it just goes nowhere. And it makes no sense.”
Nunes went on to argue that the merger should have taken far less time than it has, but something is holding it up — pointing out that many SEC employees have strong connections to the Democrats.
“An approval like this for our company should happen within just a few months,” he insisted. “And we’ve had the application there now for a year, a full year. I think we’re one of the longest in history, where you have two willing partners who want to do a deal, who have not received any comments whatsoever.”
“[Y]ou’ve got Gensler there, who we outed as the guy who actually was the CFO for the Hillary campaign, who actually wrote the check to Fusion GPS,” Nunes added. “You have Peter Strzok’s wife, who is there, the disgraced FBI agent who was running the Russia hoax. You have the general counsel there at the SEC, happens to be she used to work for Pelosi has now graduated up.”
“So you have three people that are clearly involved in this transaction or non-transaction, trying to basically kill our ability to have access to the public markets, the public capital markets,” he argued. “That’s what this is really about.”
Truth Social is seeking to merge with Digital World Acquisition Corp (DWAC), a move that Nunes says is extremely important to the future of the platform — noting that it would bring in roughly $300 million, which could be used to build out the platform.
“We’re trying to compete with big tech, but in order to compete with Big Tech, we have to have access to those capital markets,” Nunes emphasized. “And so you know, look at I can’t believe this guy is still the SEC Chairman but look, it really ticks me off that he’s even anywhere near dealing with our company.”
“He is a known political actor, surrounded by other political actors who are ‘get Trump first’ people,” he concluded. “And it seems like it’s happening in every area of our government.”
This is not the first time the left has tried to stifle Truth Social. Last year, Google refused to allow the app in their app store.