Trump Media Replaces CEO Devin Nunes After $6B Stock Collapse, Names Kevin McGurn Interim Leader

Truth Social’s parent company, Trump Media Technology Group, has replaced its CEO, Devin Nunes, after a dramatic stock collapse wiped out billions in investor wealth. Nunes, a former California congressman and staunch Trump ally during his first term, is being temporarily succeeded by digital media executive Kevin McGurn.

The company did not provide a reason for Nunes’ departure or a timeline for selecting a permanent replacement.

Stock Plunge and Financial Losses

After peaking ahead of Donald Trump’s re-election in November 2024, Trump Media’s stock plummeted by 67%, erasing more than $6 billion in market value.

Since going public two years ago, the company has reported losses exceeding $1.1 billion. In 2024 alone, Nunes earned total compensation of $47 million, according to available financial records.

Company Background and Expansion

Trump Media was established by the Trump family as an alternative to major social media platforms that had restricted Donald Trump’s access following the January 6, 2021, Capitol riots. The company positioned itself as a "free speech" platform and aimed to compete with streaming giants like Netflix.

Despite Trump’s frequent use of Truth Social for political announcements, the platform has struggled to attract a broad user base. Government ethics experts have raised concerns about potential conflicts of interest tied to Trump’s presidency.

New CEO’s Vision and Background

"In carrying President Trump’s unique, singular vision and message, Truth Social stands for the most powerful brand and voice in the history of social media and beyond."

McGurn, the new interim CEO, made this statement in a company announcement. Previously, he held executive roles at NBC Universal, Hulu, and DoubleClick.

In addition to his corporate background, McGurn serves as CEO of a shell company founded by Donald Trump’s two oldest sons, Donald Jr. and Eric. The company, which initially planned to target businesses seeking federal contracts, has since expanded its focus.

Expansion into Cryptocurrency and Prediction Markets

Trump Media has recently ventured into cryptocurrency and prediction markets—online platforms where users can bet on sports, entertainment, and political events. These sectors have benefited from lighter regulation and promotion under the Trump administration, including the establishment of a national Bitcoin reserve last year, which boosted the cryptocurrency’s value.

The Trump Organization and White House have consistently denied any conflicts of interest between Trump’s presidential role and the family’s business operations.

The Associated Press has not yet received a response to requests for comment from the Trump Organization.