Trump Media shakeup after stock collapse

Trump Media, which is to say the Twitter clone Truth Social, is ditching CEO Devin Nunes (formerly a congressman, also cows and relentless complaints) after what the Associated Press reports as a "stock collapse that wiped out billions in investor wealth." Note that it is merging with another business in a comically unrelated field; he perhaps hasn't much reason to go to the office as it is.

After soaring shortly before Trump's re-election in November 2024, stock in the company plunged 67%, wiping out more than $6 billion in investor wealth. Trump Media was formed by the Trump family as an alternative to social media giants that had barred him from posting on their platforms after the January 6, 2021 Capitol riots. …

Since it went public two years ago, Trump Media has lost more than $1.1 billion. Nunes got total compensation of $47 million in 2024, the last year for which figures are available.

It was a mastodon instance for Trump fans. It never made much money and burned plenty. That it was "worth" billions was the result of MAGA folks throwing money at it to support him one way or another. It made $3.6 million in 2024 and lost $400.9 million. How do you lose half a billion dollars running a mastodon instance? I wouldn't worry about it, there are more serious problems in America.

The company has recently branched into cryptocurrency and another hot business, prediction markets. The latter are online betting venues where people can wager on sports, entertainment and political events.

The stock, which once sold at $79, has hovered under $10 for a few weeks.