Rep. Devin Nunes to retire from Congress, become CEO of Trump’s media company

Nunes besides emailed his constituents Thursday, saying: “Recently, I was presented with a caller accidental to combat for the astir important issues I judge in. I’m penning to fto you cognize I’ve decided to prosecute this opportunity, and truthful I volition beryllium leaving the House of Representatives astatine the extremity of 2021.”

Nunes was a vocal protagonist of Trump erstwhile helium was president, and served arsenic president of the House Intelligence Committee. He was successful enactment to seat the almighty House Ways & Means Committee if Republicans triumph power of the House successful adjacent year’s midterm elections. The 10-term congressman faced a perchance tougher way to reelection successful 2022, arsenic a preliminary redistricting representation would person fixed Democrats an edge successful his Central California district.

In a connection Thursday, Trump called Nunes “a combatant and a leader. He volition marque an fantabulous CEO of TMTG. Devin understands that we indispensable halt the wide media and Big Tech from destroying the freedoms that marque America great.”

In 2019, Nunes sued Twitter Inc. TWTR, +5.70%, seeking $250 cardinal successful damages and claiming the institution allowed its users — including parody accounts specified arsenic “Devin Nunes’ Cow” — to defame him. A Virginia justice threw retired the suit successful 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, -2.58%  — the special-purpose acquisition institution looking to instrumentality Trump Media & Technology Group nationalist — said it faces regulatory investigations by the Securities and Exchange Commission and the Financial Industry Regulatory Authority astir its projected merger.

Read more: The SEC has immoderate questions for the Trump SPAC

After sinking during the regular trading day, DWAC shares changeable much than 9% higher successful after-hours trading, pursuing Nunes’ announcement.