Trump Media replaces Nunes as Truth Social CEO after stock plunge that wiped out billions
Summary
Trump Media & Technology is replacing Devin Nunes as CEO of Truth Social after the company's stock value dropped sharply, losing billions in investor money. Kevin McGurn, a digital media executive, takes over temporarily as the company tries to recover and expand into new markets like cryptocurrency and prediction markets.Key Facts
- Devin Nunes, former congressman and supporter of President Donald Trump, is stepping down as CEO of Truth Social.
- Kevin McGurn is named interim CEO, with no set timeline for a permanent replacement.
- Trump Media's stock fell 67%, wiping out over $6 billion in investor wealth after a peak around Trump’s 2024 re-election.
- The company was created as an alternative social media platform for President Trump, who was banned from major sites after the January 6, 2021 Capitol events.
- Since going public two years ago, Trump Media has lost more than $1.1 billion.
- Nunes earned $47 million in total pay in 2024, the latest available data.
- Trump Media is branching into cryptocurrency and prediction markets, which involve betting on events.
- McGurn has experience at NBC Universal, Hulu, and DoubleClick, and is connected to a Trump family company buying U.S. manufacturers.
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