Devin Nunes Steps Down as Truth Social CEO After $1.1B Losses

Devin Nunes, the former dairy farmer and congressman, is stepping down as CEO of Truth Social after the company reported $1.1 billion in losses.

Donald Trump Jr., a board member at Trump Media + Technology—the parent company of Truth Social—announced on Tuesday night that Nunes would be replaced by another executive who previously worked at Hulu. Nunes confirmed the move in a Truth Social post.

The company, which is majority owned by Donald Trump, has seen its stock plummet 84% under Nunes’ leadership. Since its debut in 2024 at $58 per share, the stock now trades at around $9.80.

Despite the company’s struggles, Nunes reportedly prospered. In 2024 alone, his compensation far exceeded the company’s total revenue. He received a $1 million salary, a $600,000 bonus, and was awarded stock worth $46 million.

Truth Social’s Struggles Under Nunes

Nunes was tasked with overseeing a company that, despite having one of the world’s most recognizable figures as its primary user, struggled with a scattered approach to its business model.

When Trump Media was first announced, the Trump family outlined ambitious plans, including:

• Truth Social, a free-speech-focused platform
• A streaming service to rival Netflix and Amazon
• Web-hosting to compete with Amazon’s AWS

These services were framed as a response to what Trump described as a “woke” media and corporate culture that had blacklisted him following the January 6 Capitol riot.

Limited Progress and Underwhelming Results

Under Nunes’ leadership, Trump Media managed to launch only two of its planned services: Truth Social and a free streaming platform with content also available on YouTube.

Truth Social’s user base remains small, with estimates suggesting only several hundred thousand daily active users. By comparison, Elon Musk’s X has approximately 224 million users, placing Truth Social in 24th place among social media platforms—just behind YouTube Kids.

At its launch, Trump Media projected much higher figures in a slide presentation to investors and the SEC:

• $3.3 billion in revenue by 2026
• 40 million Truth Social users
• 81 million users across other services

Instead, the company has pursued unrelated ventures, including:

• A “personal freedom”-oriented ETF
• A non-tradeable crypto “token” slated for shareholder distribution, despite having no market value
• A Bitcoin treasury, following the lead of other companies