Former Rep. Devin Nunes has stepped down as CEO of Trump Media & Technology Group, the parent company of Truth Social. The company announced that Kevin McGurn, an adviser, will serve as interim CEO effective immediately. The move comes amid significant financial struggles, including a 67% stock decline and over $1.1 billion in losses since its public debut.
Immediate Action & Core Facts
Trump Media & Technology Group announced Nunes' departure and McGurn's appointment in a statement. The company did not provide a reason for the change. Donald Trump Jr., who oversees his father's shares, praised McGurn's experience in media, technology, and capital markets.
Deeper Dive & Context
Financial Struggles
The company has faced repeated losses, recording a net loss of over $712 million in 2025. Its stock, trading under the ticker "DJT," has plummeted more than 75% since its peak. Nunes received $47 million in compensation in 2024, the last year for which figures are available.
Company Pivots
Trump Media has attempted to diversify its business, exploring cryptocurrencies, prediction markets, and traditional financial products. It also announced a $6 billion merger with fusion company TAE Technologies and is considering spinning off Truth Social into a separate entity.
Political and Ethical Concerns
Truth Social was launched as a conservative alternative to mainstream social media platforms, which had banned Trump after the January 6, 2021, Capitol riots. The platform has been criticized for potential conflicts of interest, as Trump frequently uses it for political announcements while serving as president.
Leadership Transition
McGurn, the new interim CEO, described Truth Social as "poised to take off" and emphasized its alignment with Trump's vision. The company has not provided a timeline for a permanent replacement for Nunes.