Trump Media replaces former congressman Nunes as CEO after billions vaporize in stock plunge

Trump Media Replaces CEO Nunes Amid Stock Plunge and Business Struggles

Trump Media & Technology Group, the company behind Truth Social, announced a leadership shakeup as former California congressman Devin Nunes steps down as CEO after overseeing a dramatic stock collapse that erased billions in market value.

Digital media executive Kevin McGurn will serve as interim chief executive while the company searches for a permanent replacement. The announcement came without explanation for Nunes’ departure or a specific timeline for naming his successor.

The company has faced serious financial challenges since its public debut two years ago, accumulating losses exceeding $1.1 billion. Despite these struggles, Nunes received compensation totaling $47 million in 2024, according to the most recent available figures.

Trump Media’s stock, which soared ahead of President Trump’s November 2024 reelection, has since plummeted 67%, wiping out more than $6 billion in investor wealth. The dramatic decline highlights the stark contrast between the company’s ambitious goals and its business reality.

The Trump family established the media venture as an alternative to mainstream social media platforms that had banned the former president following the January 6, 2021, Capitol riots. While positioning itself as a “free speech” alternative to Facebook and Twitter (now X), the company’s stated ambitions extended to competing with established streaming giants like Netflix.

Despite President Trump’s frequent use of Truth Social for major political announcements, the platform has struggled to attract a broad user base beyond his core supporters. Ethics experts have repeatedly criticized the president’s promotion of the company as a conflict of interest, given his family’s financial stake and his role as head of the federal government.

McGurn, who has held positions at major media companies including NBC Universal, Hulu, and DoubleClick, expressed optimism about the company’s future. “In carrying President Trump’s unique, singular vision and message, Truth Social stands for the most powerful brand and voice in history of social media and beyond,” he said in a statement, adding that the company was “poised to take off.”

The interim CEO also serves as chief executive of a separate shell company formed by Donald Trump Jr. and Eric Trump last year. That venture aims to acquire U.S. manufacturers, and initially indicated in regulatory filings it would target businesses seeking federal contracts—contracts that would be awarded by their father’s administration.

In recent months, Trump Media has attempted to diversify its business model by entering the cryptocurrency space and launching prediction markets—online betting venues for sports, entertainment, and political events. Both sectors have benefited from the Trump administration’s policies of reduced regulation and direct promotion, including the establishment of a national bitcoin reserve last year that boosted cryptocurrency values.

The White House and Trump Organization have consistently denied any conflicts of interest between the president’s governmental role and his family’s business interests, despite ongoing scrutiny from ethics watchdogs and government accountability groups.

The leadership change comes at a critical juncture for Trump Media as it struggles to define a viable business model while maintaining its position as the president’s preferred communication platform. Market analysts remain skeptical about the company’s fundamentals, noting the disconnect between its lofty valuation at its peak and its continuing operational losses.

As of press time, the Trump Organization had not responded to requests for comment on Nunes’ departure or the company’s strategic direction under new leadership.