Trump Media replaces Nunes as Truth Social CEO after stock plunge that wiped out billions
PBS • • business
Key Points:
- Devin Nunes, former California congressman and CEO of Trump Media & Technology, the company behind Truth Social, is being temporarily replaced by digital media executive Kevin McGurn, with no timeline given for a permanent replacement.
- The company’s stock plunged 67%, wiping out over $6 billion in investor wealth shortly after surging ahead of Trump's 2024 re-election campaign, contributing to more than $1.1 billion in losses since going public two years ago.
- Trump Media was created as a "free speech" alternative to major social media platforms that banned Trump, but it has struggled to gain a broad audience despite frequent use by the former president for major announcements.
- Kevin McGurn, with experience at NBC Universal and Hulu, expressed optimism about the company's future and its alignment with Trump's vision, while the company has also expanded into cryptocurrency and prediction markets, areas promoted during the Trump administration.
- The Trump Organization and White House deny conflicts of interest despite concerns over the involvement of Trump's family in business ventures potentially benefiting from federal contracts.
