Representative Devin Nunes will resign from Congress by the end of 2021 and join TMTG (Trump Media & Technology Group) as the CEO. What’s Nunes’ net worth and could the association with Trump’s TMTG be more rewarding than Congress?
Net worth: $160,000 (estimated)
Rep. Devin Nunes will resign from Congress by the end of 2021 and join TMTG (Trump Media & Technology Group) as the CEO. He has been a staunch Trump supporter. Trump's TMTG is merging with DWAC SPAC, but the deal is being investigated by the SEC.
Trump and his TMTG have been in the news over the last month. The company is going public through a reverse merger with Digital World Acquisition (DWAC). The stock has soared on the news. Meanwhile, the SPAC is being investigated by federal agencies including the SEC.
Trump's SPAC has faced controversies.
The Trump SPAC has been controversial. DWAC allegedly identified TMTG as a merger target even before the merger. In a world where other SPACs, including those backed by credible sponsors, have been hunting for targets for over six months, DWAC managed to “identify” TMTG within a month.
The merger was announced without much financial information. In a presentation with the SEC, the company later released the projected revenues. Also, while disclosing PIPE (private investment in public equity) investors and announcing the merger is the norm, we still don’t have the names of PIPE investors even though DWAC has said that it has lined up investments to the tune of $1 billion.
Trump’s media business has a massive target market.
The market opportunity for Trump’s yet-to-be-launched Truth Social is massive. The company is banking on Trump’s massive fan following and his 89 million Twitter followers before he was banned. Even in the streaming business, it hopes to get average monthly revenue per user similar to that of Netflix pointing to “Trump’s highly enthused base.”
TMTG expects to have 81 million users by 2026 and post revenues of $3.6 billion that year. In a presentation, TMTG said that its comps have a median EV-to-revenue multiple of 8.1x. There could be significant value creation for investors if TMTG can execute the business plans.
Devin Nunes will quit Congress to join TMTG.
Nunes is among those who believe in TMTG. He will resign from Congress to become the company’s CEO. Nunes is a former dairy farmer and he doesn't have any experience in leading a tech company.
Nunes received a BS in agricultural business in 1995 from California Polytechnic State University. The next year, he got his MS in agriculture. In 2001, then-President George W. Bush appointed him as the director of the United States Department of Agriculture Rural Development.
In 2002, Nunes was elected to the House of Representatives in California's 21st congressional district, which he represented until 2013. Since then, he has been representing California's 22nd congressional district.
What is Devin Nunes' net worth?
According to Celebrity Net Worth, Nunes has a net worth of only about $160,000. He's among the most prominent GOP members in Congress. Nunes was expected to become the chairman of the crucial Ways and Means Committee if the GOP regains the majority in the House in the 2022 mid-term election.
Nunes seems to think that TMTG is a better alternative. He has been among the staunch Trump supporters and was among the lawmakers that challenged Joe Biden’s Electoral College victory in the 2020 U.S. presidential election. Trump awarded Nunes the Presidential Medal of Freedom in January 2021 just days before the Capitol Hills riots.
Meanwhile, if Trump’s TMTG captures a meaningful share of streaming and social media markets, Nunes' association with the company might turn out to be much more financially rewarding than his stint with Congress. With Trump rumored to run for U.S. president again in 2024, Nunes might not miss out on political clout either if Trump were to win.