Donald Trump's social media company has ousted its CEO after its share price fell by nearly 75 per cent in just two years.
Donald Trump's social media company has ousted its CEO after its share price fell by nearly 75 per cent in just two years.
Devin Nunes, who quit his seat in Congress to take on the role, will be replaced by advisor Kevin McGurn.
"I want to thank Devin Nunes for his dedicated service to the Company over the past four years, and congratulate Kevin McGurn on his appointment as Interim CEO," a statement from Donald Trump Jr said.
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Trump Jr is a board member of the company.
Trump Media and Technology Group (TMTG) was valued at $US10 billion ($14 billion) when it first went public in March 2024.
Now it is valued at just $3.7 billion, little more than a quarter of its initial value.
When the company was launched, they forecast that by 2026 they would have 40 million paying subscribers and $5 billion in annual revenue.
But since going public in March 2024, it has lost more than $1.4 billion.
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"TMTG expects to incur operating losses for the foreseeable future," its annual report read.
"If Truth Social or Truth+ fails to develop and maintain followers or a sufficient audience, or if adverse trends develop for social media platforms or streaming services generally, TMTG's business would be adversely affected."
The annual report also stated that TMTG may need more investment.
Truth Social was touted as a conservative alternative to other social media sites, but it has attracted few prominent users save for Trump himself.
Video streaming platform Truth+ has also not connected with a wider audience.
The platform bills itself as showing "non-woke movies, live TV, Christian content, and more".
Most of the company's shares are still owned by President Trump himself.
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The bulk of the losses come from massive purchases of Bitcoin for a "treasury" to be held by the company.
TMTG bought $3.5 billion in Bitcoin midway through last year.
Since that time, the value of Bitcoin has crashed.
In his time leading the company, Nunes was given a seven-figure salary and tens of millions of dollars in stock.
Before his time in Congress, he had been a dairy farmer and had no experience leading a tech company.
He became known as one of Trump's most enthusiastic supporters in Congress.
He famously sued the holder of a Twitter account pretending to be one of his cows for defamation. The case was dismissed.
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