April 22 (UPI) -- Former Republican Rep. Devin Nunes resigned from his post as CEO of Trump Media and Technology Group on Wednesday as the company's losses topped $1 billion.
Nunes, who has been the company's CEO since 2022, when Truth Social launched, was replaced by former Hulu and Vevo executive Kevin McGurn. McGurn was appointed the interim CEO.
"I want to thank Devin Nunes for his dedicated service to the company over the past four years and congratulate Kevin McGurn on his appointment as interim CEO," President Donald Trump said in a statement. "Kevin brings deep experience across media, technology and capital markets, as well as a strong understanding of Trump Media's operations and strategic priorities."
Truth Social, the centerpiece of Trump Media, was created in response to Trump being banned from other social media platforms such as Facebook and Twitter following the Jan. 5, 2021, attack on the U.S. Capitol. Despite being a regular channel for Trump to share his opinions and sometimes announce policy decisions, it has not gained the popularity of its competitors.
Trump Media reported $3.7 million in revenue and a net loss of $712 million last year.
