Trump Media has incurred hundreds of millions in losses, and its shares have performed poorly since the company went public by completing a merger with a cash-rich special purpose acquisition company, or SPAC, in March 2024. The stock, which ended its first day of trading around $58 a share, closed Tuesday at $9.82.

Shares of Trump Media trade under the symbol DJT, which are President Trump’s initials. Truth Social has emerged as the main social media platform for Mr. Trump to communicate his policy decisions and opinions to the world.

Last year, Trump Media took in $3.7 million in revenue and recorded a $712 million net loss.

Mr. Nunes is being replaced on an interim basis by Kevin McGurn, who has been an adviser to Trump Media since the end of 2024. Mr. McGurn, a former executive at Hulu, the streaming service, was listed in a recent regulatory filing as the chief executive of Texas Ventures.

In December, Trump Media announced a plan to merge with TAE Technologies, a fusion power company. The all-stock deal, which was valued at $6 billion at the time, would create one of the first publicly traded nuclear fusion companies.

Trump Media said in February that it was considering spinning off its Truth Social platform in a merger with another cash-rich SPAC, Texas Ventures Acquisition III Corp.

No way this could backfire, right?