Trump Media Ousts CEO Devin Nunes After $6 Billion Stock Collapse
Trump Media ousted CEO Devin Nunes this week after a stock collapse that wiped out roughly $6 billion in market value. Nunes, a former Republican congressman who had led the company, was removed by the board, ABC News reported. The board pointed to the dramatic fall in the company's share price as the reason for the leadership change.
The plunge erased roughly $6 billion in market value, according to reporting, dealing a heavy blow to shareholders and highlighting severe volatility. Observers say the episode underscores the risks of companies tied to high-profile political brands and the governance pressures such firms face.
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đ Key Facts
- Devin Nunes has been replaced as CEO of Trump Media & Technology Group by interim chief Kevin McGurn.
- Trump Media's stock has fallen 67 percent from late 2024 highs, erasing more than $6 billion in investor wealth.
- The company has lost more than $1.1 billion since going public, while Nunes received $47 million in compensation in 2024.
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