The parent company of Truth Social has replaced its chief executive after years of mounting losses and a stock collapse that erased billions in investor wealth.
In the latest sign of deepening trouble at one of the president’s many business ventures, Trump Media & Technology Group confirmed that Devin Nunes, the former Republican congressman who had led the company since 2021, is stepping aside.
Digital media executive Kevin McGurn will take over as interim CEO, the company added. Strangely, for something as significant as a departing chief, it offered no reason for the change and gave no timeline for a permanent appointment.
The numbers tell the story that will sting President Donald Trump the most. Shares trading under the ticker “DJT” have fallen 67 percent from pre-election highs, wiping out more than $6 billion in investor value, according to the Associated Press. The stock, which debuted near $58 after the company went public via a special purpose acquisition company merger in 2024, closed below $10.
Last year, Trump Media reported just $3.7 million in revenue against a net loss exceeding $712 million. Accumulated losses since going public now top $1.1 billion, AP stated.
Nunes framed his departure as planned rather than forced in a statement on Truth Social. He said it was an “appropriate time” for a leader with experience in media and mergers to “steer Trump Media through its current transition phase.”
Donald Trump Jr., who sits on the board and oversees a trust controlling his father’s stake, thanked Nunes for his “dedicated service” and praised McGurn’s background across media and technology.
Multiple senior figures have departed of late, including board members tied to the company’s public debut, though Trump Media has said those exits involved no disputes with management.
The company was founded as a direct response to Trump’s removal from major social platforms following January 6, 2021, positioning Truth Social as a free-speech alternative. Despite Trump’s heavy use of the platform for official announcements, it has struggled to build a broad audience.
In response, Trump Media has pivoted repeatedly—into cryptocurrency, prediction markets, a proposed multibillion-dollar merger with fusion energy firm TAE Technologies, and a potential Truth Social spin-off. Ethics experts have raised concerns about the overlap between the president’s official role and his business interests. The Trump Organization and the White House have repeatedly denied any conflict.
McGurn, for his part, said the company was “poised to take off,” calling Truth Social “the most powerful brand and voice in [the] history of social media and beyond.”
Separately, the company’s crypto entanglements deepened this week. Entrepreneur Justin Sun filed a lawsuit seeking to unfreeze tokens tied to World Liberty Financial, the Trump family’s cryptocurrency venture, accusing the project of acting “without valid justification.”
Sun said attempts to resolve the matter “in good faith” had been rejected. “They have left me with no choice but to turn to the courts,” he wrote.
