The company behind President Donald Trump's social media network is changing leaders amid mounting financial losses, a sagging stock price and lingering uncertainty about the long-term viability of its flagship product, Truth Social. Devin Nunes, a former California member of Congress and longtime Trump loyalist, is exiting his position as chief executive officer of Trump Media & Technology Group Corp.
fter going public, the price of the stock quickly soared over $60, boosting the on-paper wealth of Trump, the company's largest shareholder. But DJT, as it trades on the stock exchange, has since fallen back to earth. As of Wednesday morning, it was trading for about $9.70. The site has failed to gain a broader user base outside of Trump's hardcore followers and media types tracking his thoughts and moves. The company reported just $3.7 million in revenue last year and a net loss of $712 million.
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