Trump Media CEO resigns, stock price drops about 90% from peak

According to Bloomberg, Devin Nunes, CEO of Trump Media & Technology Group, resigned on Tuesday evening, and Kevin McGurn was appointed as interim CEO. The company’s stock price has fallen about 90% from its early 2022 high of $97.54, closing at $9.73 on Wednesday, with a market capitalization of approximately $2.7 billion. The company’s annual revenue is only $3.7 million, with losses amounting to hundreds of millions of dollars. Trump Media is the parent company of Truth Social and has expanded its business into areas such as prediction markets and cryptocurrency, but has failed to attract interest from retail investors.