Politics allegedly the reason behind SEC’s move to thwart merger effort, says Truth Social CEO
Trump Media & Technology Group CEO Devin Nunes on Monday shared suspicions that the Securities and Exchange Commission (SEC) is working to kill a prospective merger that would allow the company to get listed on the stock exchange and raise key capital to expand the platform.
Nunes made the remarks on the “Just the News, No Noise” television show, one day before SEC Chairman Gary Gensler is slated to speak before a congressional committee.
The former California lawmaker derided Gensler, asserting that his time in office had been marred by myriad disasters, saying “[w]ell, 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 are that have blown up on his watch.”
“And in the meantime, you know, he’s worked overtime to try to kill our company,” Nunes asserted. “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.”
He further asserted that such a merger ought to take far less time that it had thus far. The company is seeking to merge with Digital World Acquisition Corp.
“An approval like this for for our company, should happen within just just a few months,” Nunes 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[m] we outed as the guy who actually was the CFO for the Hillary campaign, who actually wrote the check to Fusion GPS,” he 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 alleged. “That’s what this is really about.”
Nunes then emphasized the importance of the deal to the future of Truth Social, noting that closing it would bring in approximately $300 million through which the company could build out the platform.
“We’re trying to compete with with big tech, but in order to to compete with big tech, we have to have access to those capital markets,” he stressed. “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.”
Ben Whedon is an editor and reporter for Just the News. Follow him on Twitter.