Devin Nunes, the California Republican who left Congress in 2021, has resigned as CEO of Trump Media and Technology Group. The leadership change comes as the company behind Truth Social has lost more than $1 billion since going public two years ago.
The resignation follows a significant stock collapse, with shares tumbling 58% during the past 12 months. Nunes stated that it was an appropriate time for a change in leadership as the company's share price floundered.
While the company's stock is currently less in vogue, Truth Social remains important on Wall Street. Traders continue to track White House posts on the platform that can send the market tumbling or soaring back up again.