Devin Nunes, former U.S. congressman and CEO of Trump Media & Technology Group, announced his departure from the company on Tuesday after more than four years at the helm. Nunes, a prominent Republican and supporter of former President Donald Trump, said he will now concentrate on his role as chairman of Trump’s intelligence advisory board and pursue other unspecified ventures.

Trump Media, which operates the social media platform Truth Social, was launched as an alternative to mainstream platforms such as Facebook and Twitter, both of which had banned Trump in the aftermath of the January 6, 2021, Capitol attack. Although Facebook and Twitter later reinstated Trump’s accounts, he has primarily used Truth Social for communications during his second presidential term. The former president holds a majority stake in the publicly traded company.

Nunes, who resigned from Congress in December 2021 prior to Truth Social’s public launch, highlighted in his statement the company’s efforts to counter what he describes as “suppression of free speech online” by major technology firms. He credited the platform’s development and the company’s proprietary infrastructure with enabling a service that is “uncancellable” and designed to promote free expression for millions of users.

Despite these goals, Trump Media has fallen short of its initial projections. At its inception, the company outlined ambitious plans to challenge technology giants such as Amazon Web Services and Disney+, and forecasted having 81 million users and generating $3.6 billion in revenue by 2026. However, the company posted significant financial losses in recent years—approximately $58 million in 2023, $400 million in 2024, and $712 million last year.

The company’s stock price peaked near $97 per share before the 2024 presidential election but has since declined dramatically to under $10 per share, with the firm’s market valuation now near $2.7 billion. In June, Trump Media announced a $400 million share buyback, reflecting efforts to stabilize its financial position. The company has acknowledged in regulatory filings that it expects to continue incurring operating losses and negative cash flow as it works to expand its user base, expressing optimism about future growth driven by the platform’s overall appeal.

Nunes’s departure marks a notable leadership change at Trump Media as the company continues to navigate challenges in a competitive and evolving social media landscape.