Business
Trump Media replaces Devin Nunes as CEO after $6 billion stock collapse and $712 million loss
The stock, which surged sharply ahead of Trump’s re-election in November 2024, subsequently fell by 67%, erasing more than $6 billion in investor wealth. Nunes received total compensation of $47 million in 2024, the last year for which figures are publicly available.
Trump Media & Technology Group, the parent company of social media platform Truth Social, has replaced Devin Nunes as chief executive following a dramatic collapse in the company’s share price and a string of deepening financial losses.
Devin Nunes, a former California congressman who became a prominent ally of Donald Trump during his first term in office, stepped down after four years leading the company. Longtime advisor and digital media executive Kevin McGurn has been appointed interim CEO with immediate effect, though the company has provided no timeline for a permanent appointment and gave no reason for Nunes’s departure.
The scale of the financial damage
The numbers behind the leadership change are stark. Since going public two years ago, Trump Media has accumulated losses exceeding $1.1 billion. In 2025 alone, the company recorded a net loss of more than $712 million against revenue of approximately $3.7 million, a ratio that underscores the scale of the gap between its operating costs and commercial income.
Operating expenses for the year surpassed $576 million, with a substantial portion tied to write-downs on digital asset investments. The company has expanded into cryptocurrency and prediction markets in recent years, both of which carry significant volatility.
The stock, which surged sharply ahead of Trump’s re-election in November 2024, subsequently fell by 67%, erasing more than $6 billion in investor wealth. Nunes received total compensation of $47 million in 2024, the last year for which figures are publicly available.
Trump Media & Technology Group, the parent company of Truth Social
Who is Kevin McGurn?
McGurn brings a background in mainstream media and advertising technology to the role, having previously held positions at NBC Universal, Hulu, and DoubleClick. Kevin McGurn is also the chief executive of a separate shell company that Donald Trump Jr. and Eric Trump joined last year with the stated aim of acquiring US manufacturers, a venture that initially disclosed in regulatory filings an intention to target businesses seeking federal contracts awarded by the administration their father leads.
The White House and the Trump Organisation have consistently denied that any conflict of interest exists between the president’s role in government and the family’s business activities.
In a statement, Kevin McGurn described the company as being at an important moment and said he was committed to delivering long-term shareholder value while scaling the Truth Social and Truth+ platforms.
Leadership turbulence and strategic uncertainty
Devin Nunes as CEO change is not the only significant departure in recent months. Former US Trade Representative Robert Lighthizer resigned from the board in March, and director Eric Swider stepped down earlier this month. The company said neither exit was the result of a dispute with management.
Trump Media was founded as an alternative to mainstream platforms that restricted Trump’s access following the January 6, 2021, Capitol riots. Despite the president’s frequent and high-profile use of Truth Social for political announcements, the platform has struggled to build a broad audience or a viable revenue base, and its ambition to rival streaming services such as Netflix has not materialised.
Devin Nunes said the transition marks an appropriate moment to shift focus to other responsibilities, including a role as chairman of the president’s Intelligence Advisory Board.
