Trump media company replaces ex-congressman Nunes as CEO after stock plunge that wiped out billions
Summary
Trump Media & Technology is replacing Devin Nunes, a former congressman, with Kevin McGurn as the temporary CEO after the company’s stock dropped sharply, wiping out billions of dollars in investor value. The company was created by the Trump family to offer a social media platform called Truth Social and has expanded into cryptocurrency and prediction markets.Key Facts
- Devin Nunes is stepping down as CEO of Trump Media & Technology; Kevin McGurn is the temporary replacement.
- The company’s stock fell 67%, causing a loss of more than $6 billion in investor wealth.
- Trump Media & Technology created Truth Social as an alternative to Facebook and Twitter after President Trump was banned from those platforms.
- The company has lost over $1.1 billion since going public two years ago.
- Devin Nunes received $47 million in total pay in 2024.
- Kevin McGurn has experience working at NBC Universal, Hulu, and DoubleClick.
- Trump Media has recently moved into cryptocurrency and online prediction markets.
- The Trump Organization and White House deny conflicts of interest between President Trump’s government role and the family business.
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