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.

Devin Nunes, a former California congressmen in Donald Trump’s first term, is being replaced by digital media executive Kevin McGurn as acting 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.

Nunes got total compensation of $47 million in 2024, the last year for which figures are available.

SpaceX in $60B deal to to buy AI coding tool

SpaceX says it has the rights to buy artificial intelligence coding tool Cursor for $60 billion later this year as Elon Musk’s space exploration and AI company looks for ways to compete with rivals Anthropic and OpenAI ahead of a planned Wall Street debut.

SpaceX said that, alternatively, it could pay $10 billion to “work together” with Cursor.

SpaceX announced the deal on the social platform X, which along with the AI chatbot Grok is part of a constellation of properties that Musk has merged into his rocket company.

Cursor, made by San Francisco startup Anysphere, is a popular AI coding assistant. What SpaceX describes as Cursor’s wide “distribution to expert software engineers” is likely part of what makes it attractive to Musk’s company, giving it access to a new customer base.