Nunes Steps Down, Trump Media Seeks New Leadership

0:00On April 22nd, Devon Nunez is stepping down as CEO of Trump Media and Technology, the company behind Truth Social. This happened on Tuesday, with digital media exec Kevin McGurne stepping in temporarily to take his place. Nunez, a former Republican congressman from California and big Trump supporter during the Russia probe and first impeachment, joined the firm back in 2022. He posted on Truth Social that now's the right time for fresh leadership at the top. The company's been struggling hard financially. Since going public two years ago, its stock has taint and is lost over $1.1 billion overall. Last year alone, they pulled in just $3.7 million in revenue, but posted a $712 million net loss. Lately, Trump media is trying to pivot into cryptocurrency and prediction markets to shake things up. Meanwhile, Donald Trump Jr. oversees a trust that holds his dad's big stake in the company. With new leadership in play, eyes are on whether the shake-up can steady the ship or if more turbulence lies ahead for Truth Social's parent outfit.

1:06From the spotlight, powered by AI, this is entertainment and celebrity news today. I'm Corey with The Story.