Trump Media & Technology, the owner of Truth Social, announced it will replace its former CEO, a former congressman and one of the most prominent supporters of the US president, after a stock price collapse that resulted in billions of dollars in losses for investors.
The company said Devin Nunes, a former California congressman during Donald Trump's first term, will be temporarily replaced by digital media executive Kevin McGowren as chief executive, without explaining why he is leaving or setting a date for a permanent replacement.
This change came after a sharp decline in the company's shares by 67 percent, resulting in losses exceeding $6 billion in investor wealth, even though the stock had seen a significant rise before Trump's re-election in November 2024.
Trump Media was founded by the Trump family as an alternative to major social media platforms that banned the US president from posting on them after the Capitol riots on January 6, 2021.
The company has promoted itself as a free speech platform that rivals Facebook and formerly Twitter, with a later ambition to compete with major streaming platforms like Netflix.
Despite initial gains in the stock's value, the platform failed to attract a wide audience, despite its frequent use by Trump for major political advertisements, which government ethics experts criticized as a conflict of interest with the presidency.
