The Trump business behind Truth Social is replacing a former congressman and big supporter of the U.S. president as leader of the social media platform after a stock collapse that wiped out billions in investor wealth.

Devin Nunes, a former California congressmen in Donald Trump’s first term, is being replaced temporarily by digital media executive Kevin McGurn as chief executive officer. The company, Trump Media & Technology, didn’t give a reason for Nunes leaving or provide a timeline for his permanent replacement.

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.