Trump Media & Technology Group, owned by US President Donald Trump, has replaced its Chief Executive Officer Devin Nunes after the company’s share value fell sharply over the past two years in New York.
According to the report, the company’s market value has dropped by more than ₹55,000 crore, a decline estimated at about 67% from November 2024 to the present. The fall has led to losses for many investors.
Trump Media operates the social media platform Truth Social, launched after Trump’s accounts were blocked by platforms such as Facebook and X following the unrest linked to the US Capitol incident after the 2021 presidential election.
The company was listed on the stock market two years ago and initially saw a strong rise in its share price. However, under Nunes—described as a staunch Trump supporter and former member of Parliament—the firm did not post profits and instead recorded losses of about ₹9,000 crore over the two-year period.
The company did not disclose a reason for Nunes’ removal. Kevin McKernan, previously an adviser to Trump Media with around 20 years of experience in the technology sector, has been appointed as the new CEO.
