Devin Nunes, a former California member of Congress and longtime Trump loyalist, has announced his exit from his position as Chief Executive Officer of Trump Media & Technology Group Corp.
It is the company behind President Donald Trump’s social media network is changing leaders amid mounting financial losses, a sagging stock price and lingering uncertainty about the long-term viability of its flagship product, Truth Social.
According to a statement, the mission of Trump Media is to end “Big Tech’s s assault on free speech by opening up the Internet and giving people their voices back.” Trump Media operates Truth Social, a social media platform established as a safe harbor for freeexpression amid increasingly harsh censorship by Big Tech corporations; Truth+, a TV streaming platform focusing onfamily friendly live TV channels and on-demand content; and Truth.Fi, a financial services and FinTech brandincorporating America First investment vehicles.
Nunes said on Truth Social that stepping down as CEO will “allow me to focus more intently on my role as Chairman of the President’s Intelligence Advisory Board.”
He noted that he has spent the last decade fighting corruption and censorship in both the public and private spheres. “In Congress, I battled corruption at the highest levels of government, including the Russia collusion hoax, the Ukraine impeachment hoax, and the politicization of our intelligence agencies,” he said.
He added that having achieved Trump Media’s “original mission of giving the American people their voices back, and with the Company’s future secured through our strong balance sheet,” it is an appropriate time for him to resign.
“I’d like to thank President Trump, Trump Media’s millions of users and hundreds of thousands of retail shareholders, and the amazing patriots working on our Company’s team, all of whom were indispensable in creating and operating this unique Company. It’s been an incredible honor to serve Trump Media, and I remain fully committed to our common cause of free speech on the Internet, which is now and will always be fiercely protected by Truth Social.”
Devin Nunes
Nunes’ four-year stint included the launch of Truth Social in 2022 — after social media sites banned Trump from their platforms due to his efforts to hold onto power in 2021. The fledgling app closely resembles Twitter, the site that helped launch Trump’s political career, and it soon became the vessel for his latest musings, broadsides, endorsements and announcements about his political comeback.
Nunes also oversaw Trump Media & Technology Group Corp.’s transition to a public company in 2024, a move that put Trump’s initials alongside some of the most iconic brands and corporations in the world.
After going public, the price of the stock quickly soared over $60, boosting the on-paper wealth of Trump, the company’s largest shareholder. But DJT, as it trades on the stock exchange, has since fallen back to earth. As of Wednesday morning, it was trading for about $9.70. The site has failed to gain a broader user base outside of Trump’s hardcore followers and media types tracking his thoughts and moves. The company reported just $3.7 million in revenue last year and a net loss of $712 million.
The company wrote in its most recent annual report to shareholders, “TMTG expects to incur operating losses for the foreseeable future.” “If Truth Social or Truth+ fails to develop and maintain followers or a sufficient audience, or if adverse trends develop for social media platforms or streaming services generally, TMTG’s business would be adversely affected,” he added.
Kevin McGurn To Step In As Interim CEO
Kevin McGurn, a former executive at Hulu and Vevo, will step in as interim CEO.
Donald Trump Jr. said in a statement on behalf of the Board of Directors, “I want to thank Devin Nunes for his dedicated service to the Company over the past four years, and congratulate Kevin McGurn on his appointment as Interim CEO.”
“Kevin brings deep experience across media, technology, and capital markets, as well as a strong understanding of Trump Media’s operations and strategic priorities. His familiarity with the Company and alignment with our leadership team uniquely position him to guide Trump Media through this important period.”
Donald Trump
McGurn, who has served as an advisor to Trump Media since December 2024, will lead the Company’s strategic initiatives across social media, streaming, and mergers and acquisitions. McGurn is a seasoned executive with more than two decades of leadership experience across digital media, streaming, telecommunications, and advertising technology. He has held senior leadership roles at major media and technology companies and has advised organizations on strategic growth, platform development, and corporate transactions.
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