Trump Media CEO Leaves After Massive Stock Collapse

President Donald Trump’s social media venture is sinking, and its MAGA CEO just bailed.

Trump Media & Technology Group, which oversees Truth Social, announced Tuesday that cow enthusiast and former Representative Devin Nunes is stepping down after more than four years with the company. The news of his departure was authored by Trump’s son, Donald Trump Jr., who sits on the company’s board and runs a trust managing the president’s 115 million shares in the venture.

In a statement on Truth Social, Nunes said it was the “appropriate time” for new leadership with merger and media experience to “steer Trump Media through its current transition phase.” The company’s stock price has fallen from $58 per share on its first day of trading in March 2024 to $9.82 after closing Tuesday. Last year, the company had just $3.7 million in revenue against a staggering net loss of $712 million.

While Trump has made Truth Social his main communications platform, it doesn’t seem to have helped his company in any way. A $6 billion merger with TAE Technologies, a fusion power company, in December to create one of the first publicly traded nuclear fusion companies gave Trump Media stock only a brief boost.

As of February, the company was considering spinning off Truth Social in another merger with Texas Ventures Acquisition III Corp., a shell company designed for mergers. The new interim CEO of Trump Media, Kevin McGurn, happens to be the CEO of Texas Ventures. While Trump Media’s news release didn’t mention the merger, it seems like Trump might dump his once-promising cash cow pretty soon.