"The company, Trump Media & Technology, didn't give a reason for Nunes leaving or provide a timeline for his permanent replacement. Stock in the company plunged 67%, wiping out more than $6 billion in investor wealth."
"Trump Media was formed by the Trump family as an alternative to social media giants that had barred him from posting on their platforms after the January 6, 2021 Capitol riots."
"Since it went public two years ago, Trump Media has lost more than $1.1 billion. The new CEO McGurn said in statement that the company was 'poised to take off.'"
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 a free speech alternative to major social media platforms, 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 various media sectors, including cryptocurrency and prediction markets.
Read at Fast Company
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