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

READ MORE: Trump Media plunges to new low on the first trading day big stakeholders can sell shares

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.

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. It said it would not only take on Facebook and Twitter as a "free speech" alternative, but eventually could become a media giant competing with streaming services such as Netflix.

The stock soared, but it never gained traction with a wide audience despite the president's frequent use of it for major political announcements, slammed by government ethics experts as a conflict of interest with the presidency.

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.

The new CEO McGurn said in statement that 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," he said.

The Trump Organization didn't immediately responded to a request for comment.

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.

Both cryptocurrencies and prediction markets have gotten boosts from the Trump administration, in terms of lighter regulation and outright promotion. Last year, for instance, the Trump established a national bitcoin reserve, pushing up the value of that currency.

McGurn, has worked at NBC Universal, Hulu and DoubleClick, among other companies, according to his LinkedIn profile. He is also the CEO of a new shell company that Trump's two oldest sons, Donald Jr. and Eric, joined last year to buy U.S. manufacturers. That company originally stated in regulatory filings that it would be targeting businesses hoping to tap federal contracts, which would be awarded by the same government run by their father.

The Trump Organization and the White House have repeatedly denied that there are conflicts of interest between Trump's role as president and the family business.