"After soaring shortly before Trump's re-election in November 2024, stock in the company plunged 67%, wiping out more than $6 billion in investor wealth."
"In carrying President Trump's unique, singular vision and message, Truth Social stands for the most powerful brand and voice in history of social media and beyond."
"The company has recently branched into cryptocurrency and another hot business, prediction markets. The latter are online betting venues where people can wager on sports, entertainment."
Devin Nunes is temporarily replaced by Kevin McGurn as CEO of Trump Media & Technology following a 67% stock decline, erasing over $6 billion in investor wealth. The company, created as an alternative to mainstream social media, has struggled to gain a wide audience despite Donald Trump's active use. Since going public, Trump Media has lost over $1.1 billion. McGurn expressed optimism about the company's future, emphasizing its potential to embody Trump's vision and compete in the media landscape, including ventures into cryptocurrency and prediction markets.
Read at Fortune
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