NEW YORK \

Trump Media & Technology Group, the parent company of Truth Social, is replacing CEO Devin Nunes following a dramatic stock collapse that erased billions of dollars in investor wealth.

Nunes, a former California congressman and staunch Trump ally who served in the president’s first administration, will be temporarily succeeded by digital media executive Kevin McGurn. The company did not provide a reason for Nunes’ departure or offer a timeline for naming a permanent replacement.

Trump Media’s stock soared shortly before Trump’s re-election in November 2024, but has since plunged 67%, wiping out more than $6 billion in market value.

The company was founded by the Trump family as an alternative to mainstream social media platforms, which had barred the president from posting following the Jan. 6, 2021, Capitol riot. Trump Media positioned itself as a “free speech” haven and pledged to eventually expand into a media giant rivaling streaming services like Netflix.

Despite Trump’s frequent use of Truth Social for major political announcements, the platform has failed to gain traction with a broad audience. Government ethics experts have also criticized the arrangement as a conflict of interest with the presidency.

By James Kisoo