Trump Media's New CEO: Crypto, Prediction Markets & Ethics

0:00It's April 22nd. From your city to your ears, this is Durham News Today, powered by AI. I'm Corey with the story. Trump Media and Technology, the company behind True Social, just swapped out at CEO. Devon Nunes, the former congressman and Trump ally, is stepping aside temporarily for Kevin McGurne, a digital media vet. No word on why or when a permanent replacement drops. The stock skyrocketed right before Trump's 24 re-election in November, then crashed 67%, erasing over $6 billion in, investor value, truth. Social launched as a free speech haven after big platforms banned Trump, T-1000 Trump, post January 6, 2021, capital riot, aiming to rival, Facebook, X, and even Netflix. Critics been calling out ethics issues since Trump uses it for big announcements while in office. The platform never blew up with users despite his posts, and since going public two years

1:00back, the companies lost over $1.1 billion. Nunes pocketed $47 million in comp last year alone. Now they're diving into crypto and prediction markets, online betting on events like politics and sports. Both got to live from Trump's lighter regs, like that national Bitcoin reserve he set up. McGurne's got experience at spots like NBC Universal and Hulu, and he's tied to a new venture with Trump's son's targeting government contracts. Companies says they're poised to launch big under McGurne, carrying Trump's vision as the ultimate social media brand. Netflix, Trump, Oregon, White House keep denying any overlap with his presidency.