Look — the social media platform has been dying a slow death since launch in 2020. So much so that it agreed to merge with a nascent fusion research outfit, in early 2026 — likely at Nunes’ own insistence (to line his personal pockets, yet again).
But there are… long suffering public shareholders in this debacle — and it seems they’ve pressed for the ouster of a few crony board members, and now… the former MAGA Congressional power broker himself. Nunes of course gets oodles of severance pay — but he was gone with essentially immediate effect. Here’s that, from the SEC Form 8-K filing of last week:
…The Company and Mr. Nunes entered into a Separation and Release Agreement, dated as of April 21, 2026 (the “Separation Agreement”), pursuant to which Mr. Nunes ceased to be an employee, officer or director of the Company or any subsidiary or affiliate of the Company—including Chairman of the board of directors of the Company (the “Board”). The Separation Agreement also contains certain provisions which supersede the severance provisions of Mr. Nunes’s Executive Employment Agreement, effective as of January 2, 2022, as amended on March 7, 2024 (as amended, the “Employment Agreement”). Pursuant to such terms, the Company will provide Mr. Nunes with continuation of his base salary in effect on the Transition Date for the period beginning on the Transition Date through September 30, 2026. Additionally, the Separation Agreement provides for accelerated vesting of 96,721 time-based restricted stock units (“RSUs”) granted to Mr. Nunes on August 6, 2025 under the Company’s 2024 Amended & Restated Equity Incentive Plan, and the forfeiture of all other unvested equity. In addition, to the extent not already paid, Mr. Nunes is entitled to receive the accrued benefits provided under the Employment Agreement, which include any unpaid base salary through the Separation Date, reimbursement for unreimbursed business expenses, and all other accrued and vested payments, benefits, or fringe benefits required to be paid under applicable plans or by law.
As part of the Separation Agreement, and in consideration for receiving the separation benefits described above, Mr. Nunes agreed to execute a general release and waiver of claims in favor of the Company and its affiliates, officers, directors, employees, agents, and other related parties. The Separation Agreement also includes confidentiality, trade secret, nondisparagement and other restrictive covenants….
Couldn’t have happened to a… nicer guy!
This will never be a profitable public company / set of businesses — it is a graft machine, to grift off of the MAGA faithful… essentially, in perpetuity. Onward!
नमस्ते
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