Gate News message, April 23 — Trump Media & Technology Group CEO Devin Nunes resigned Tuesday evening, with Kevin McGurn assuming the role of interim CEO, according to Bloomberg.
The company’s stock has plummeted approximately 90% from its 2022 peak of $97.54, closing at $9.73 on Wednesday with a market capitalization of roughly $2.7 billion. Trump Media generated just $3.7 million in annual revenue while reporting losses in the hundreds of millions of dollars.
Truth Social, the company’s flagship platform, has failed to sustain retail investor interest despite its use by Trump to influence global markets. The company has diversified into prediction markets, cryptocurrencies, investments, and nuclear fusion ventures, yet these efforts have not reversed the decline. Vanda data shows retail investors made net purchases averaging over $2 million daily in November 2024 when Trump won the election, but by Tuesday, daily net selling had dropped to approximately $7,000 over the preceding month.
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