Truth Social CEO Out After $1.1 Billion in Losses
Devin Nunes is out as CEO of Truth Social after $1.1 billion in losses, with the company's stock plummeting 84% under his leadership. Nunes' pay package was $47.6 million in 2024, far exceeding the company's revenue.
Devin Nunes is no longer CEO of Truth Social, the social media platform owned by Donald Trump's Trump Media + Technology. The decision comes after the company reported $1.1 billion in losses. Nunes' leadership saw the company's stock drop 84% from its initial price of $58 to around $9.80. In 2024, Nunes received a $1 million salary, a $600,000 bonus, and $46 million in stock. The company has struggled to meet its initial projections, with Truth Social having only several hundred thousand daily active users. Trump Media had ambitious plans, including streaming services and web-hosting, but has made little progress. The company's initiatives, such as a Bitcoin treasury and "personal freedom" ETFs, have also been criticized.
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