<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/donald-trump" rel="" target="" title="Donald Trump"><span>Donald Trump</span></a><span>'s social media company has ousted its CEO after its share price fell by nearly 75 per cent in just two years.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/world/memo-on-trump-bias-to-be-released-quickly/3a533030-a9de-48f3-8b58-5463e4a08097" rel="" target="" title="Devin Nunes"><span>Devin Nunes</span></a><span>, who quit his seat in Congress to take on the role, will be replaced by advisor Kevin McGurn.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"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," a statement from </span><a href="https://www.9news.com.au/donald-trump-jr" rel="" target="" title="Donald Trump Jr"><span>Donald Trump Jr</span></a><span> said. </span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/donald-trump-election-redistricting-gerrymandering-plan-backfires-virginia-congressional-race-referendum-results/efd3d84b-11a5-4cd7-b2f9-55d802facccd"><strong><span>Trump's bid to secure power for his party just backfired big time</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Trump Jr is a board member of the company.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Trump Media and Technology Group (TMTG) was valued at $US10 billion ($14 billion) when it first went public in March 2024.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Now it is valued at just $3.7 billion, little more than a quarter of its initial value.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/world/truth-social-donald-trump-devin-nunes-massive-losses-bitcoin-investment-usa-news/57ce532d-4fda-4354-b3db-9673a1ead2bc" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>When the company was launched, they forecast that by 2026 they would have 40 million paying subscribers and $5 billion in annual revenue.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But since going public in March 2024, it has lost more than $1.4 billion.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/us-secretary-of-labour-lori-chavez-deremer-resigns-ousted-donald-trump-cabinet-news/29812d7c-5300-438d-8350-4857deec981a"><strong><span>Third woman leaves Trump's cabinet in two months</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"TMTG expects to incur operating losses for the foreseeable future," its annual report read.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"If Truth Social or Truth+ fails to develop and maintain followers or a sufficient audience, or if adverse trends develop for social media platforms or streaming services generally, TMTG's business would be adversely affected."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The annual report also stated that TMTG may need more investment.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Truth Social was touted as a conservative alternative to other social media sites, but it has attracted few prominent users save for Trump himself.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Video streaming platform Truth+ has also not connected with a wider audience.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The platform bills itself as showing "non-woke movies, live TV, Christian content, and more".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Most of the company's shares are still owned by President Trump himself.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/donnyland-ukraine-proposes-renaming-donbas-region-after-donald-trump-russia-war/98037c25-6fa8-4a64-9732-b9f2edd54e6c"><strong><span>Ukrainian officials propose naming region after Donald Trump</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The bulk of the losses come from </span><a href="https://www.9news.com.au/bitcoin" rel="" target="" title="massive purchases of Bitcoin"><span>massive purchases of Bitcoin</span></a><span> for a "treasury" to be held by the company.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>TMTG bought $3.5 billion in Bitcoin midway through last year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Since that time, the </span><a href="https://www.9news.com.au/finance/bitcoin-crash-why-is-it-happening-cryptocurrency-explainer/6bbe33c6-d1b5-4d56-a38a-7eae95b12ae9" rel="" target="" title="value of Bitcoin has crashed"><span>value of Bitcoin has crashed</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In his time leading the company, Nunes was given a seven-figure salary and tens of millions of dollars in stock.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Before his time in Congress, he had been a dairy farmer and had no experience leading a tech company.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>He became known as one of </span><a href="https://www.9news.com.au/world/news-us-house-republicans-ask-for-hunter-biden-and-whistleblower-to-testify-in-impeachment-probe/cfe11710-a10f-466b-add1-8516b1c46974" rel="" target="" title="Trump's most enthusiastic supporters in Congress"><span>Trump's most enthusiastic supporters in Congress</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>He famously sued the holder of a Twitter account pretending to be one of his cows for defamation. The case was dismissed.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/john-phelan-secretary-of-the-navy-donald-trump-pentagon-pete-hegseth-fired-usa-news/3c3b8f29-b129-4ba7-9d27-b967bcb111a7" rel="" target="" title="Trump's Secretary of the Navy abruptly leaving the Pentagon"><strong><span>Trump's Secretary of the Navy abruptly leaving the Pentagon</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><strong><em><span>Download the 9NEWS App here via</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="_blank"><strong><em><span>Google Play</span></em></strong></a></li><li><strong><em><span>Make 9News your preferred source on Google by</span></em></strong><span> </span><a href="https://9.nine.com.au/8x987w" target="_blank"><strong><em><span>ticking this box here</span></em></strong></a></li><li><strong><em><span>Sign up to</span></em></strong><span> </span><a href="https://login.nine.com.au/edm?client_id=nineatnine" target="_blank"><strong><em><span>our breaking newsletter here</span></em></strong></a></li></ul></div></div>