Trump media company replaces ex-congressman Nunes as CEO after stock plunge that wiped out billions

Trump Media & Technology, the company behind Truth Social, has replaced former Congressman Devin Nunes as CEO with digital media executive Kevin McGurn following a 67% stock plunge that erased $6 billion in investor value. The company, formed as a free-speech alternative to major social media platforms, has struggled to gain traction despite Trump's active use and expanded into cryptocurrency and prediction markets under the Trump administration's regulatory support.