Trump Media Faces $6B Wipeout as CEO Nunes Is Replaced Amid Turmoil
Trump Media just replaced CEO Devin Nunes as losses top $1 billion, but the company says its future is still strong.
The move comes after a steep stock collapse that erased billions and raised new questions about the company behind Truth Social.
According to CBS News and the Associated Press, Nunes is stepping down and will be replaced by interim CEO Kevin McGurn, a digital media executive. The company has lost more than $1.1 billion since going public, while its stock has dropped as much as 67% over the past year.
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At the same time, revenue growth has been minimal, rising just 1.8%, and the platform has struggled to attract advertisers despite being heavily used by Donald Trump.
The company has expanded into crypto, ETFs, and even a fusion energy deal, but those moves have added complexity without solving core business issues.
Leadership insists the company is “poised to take off,” but investors are watching closely as the next phase begins.
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