Trump Media saw itself as a rival to Facebook and X but its business is sputtering

The Trump family's alternative to Facebook and Twitter is shaking up its leadership in hopes of reviving the struggling business.

Failing to gain a wide audience, the Truth Social platform has lost $1.1 billion in the past two years under former Republican congressman Devin Nunes.

It's not clear how to fix the problems.

The company has diversified far away from its original social media mandate into cryptocurrency, finance, even nuclear power — but investors are still fleeing.

The stock has plunged more than 60% in a little over year, wiping out $6 billion in shareholder wealth.