Trump Media & Technology Group, the company behind Truth Social, has replaced CEO Devin Nunes with digital media executive Kevin McGurn as the social media platform continues to face significant financial challenges.

Nunes, a former California congressman and Trump supporter who led the company since its formation, received $47 million in total compensation in 2024. The company did not provide a reason for his departure or a timeline for selecting a permanent replacement.

The leadership change comes after Trump Media's stock plunged 67% from its peak, wiping out more than $6 billion in investor wealth. Since going public two years ago, the company has accumulated losses exceeding $1.1 billion despite President Trump's frequent use of the platform for political announcements.

McGurn, who has worked at NBC Universal, Hulu and DoubleClick, said in a statement that the company was "poised to take off." He is also CEO of a shell company that Trump's sons Donald Jr. and Eric joined last year to acquire U.S. manufacturers.

Trump Media was created as an alternative to major social media platforms that banned Trump following the January 6, 2021 Capitol riots. The company initially promised to compete not only with Facebook and Twitter but also with streaming services like Netflix. However, Truth Social has struggled to gain widespread adoption beyond Trump's political base.

The company has recently expanded into cryptocurrency and prediction markets, both sectors that have received support from the Trump administration through reduced regulation and promotion. The Trump Organization and White House have repeatedly denied conflicts of interest between Trump's presidential role and his family's business interests.