Former congressman Devin Nunes stepped down as chief executive of Trump Media & Technology, the parent of Truth Social, after four years in the role. The change came amid chronic losses and a share price that slipped from $58 on debut to $9.82.
The decision follows a $3.7 million revenue run and a $712 million net loss last year, while the company pursues a $6 billion all‑stock merger with TAE Technologies. Investor confidence has waned, reflected in DJT’s steep decline.
Kevin McGurn, a Hulu veteran, will act as interim CEO. The move signals a shift toward media expertise as the firm navigates financial struggles and potential SPAC spin‑offs. Investors now face a company still grappling with profitability and market relevance.
Source: New York Times Business · Summarized by HeadlinesBriefing