NEW YORK — Trump Media & Technology is temporarily replacing Devin Nunes as chief executive officer with Kevin McGurn. The company did not provide a reason for Nunes's departure or a timeline for his permanent replacement.

Nunes, a former California congressman who served during President Trump's first term, received total compensation of $47 million in 2024.

Over the past year, the company's stock fell by 67%, wiping out more than $6 billion in investor wealth. Since it went public two years ago, Trump Media has lost more than $1.1 billion.

In a statement, McGurn said: "The company was poised to take off. In carrying President Trump's unique, singular vision and message, Truth Social stands for the most powerful brand and voice in history of social media and beyond."

According to his LinkedIn profile, McGurn has worked at NBC Universal, Hulu and DoubleClick. He is also the CEO of a shell company that Donald Trump Jr. and Eric Trump joined last year to buy U.S. manufacturers.

Trump Media was formed by the Trump family as an alternative to social media platforms that had barred Trump from posting after the January 6, 2021 Capitol riots. The company said it would take on Facebook and Twitter as a "free speech" alternative and could compete with streaming services such as Netflix. Its platform did not attract a large user base, though Trump frequently used Truth Social for major political announcements, which government ethics experts said presented a conflict of interest with the presidency.

The company has recently branched into cryptocurrency and prediction markets, which are online betting venues in which people can wager on sports, entertainment and political events. The Trump Organization did not immediately respond to a request for comment.