Trump Media & Technology Group replaced Devin Nunes as chief executive on Tuesday, installing longtime media advisor Kevin McGurn as interim CEO of the Truth Social parent after a stock collapse that erased more than $6 billion in shareholder wealth.
The change removes a political loyalist who earned $47 million in total compensation during 2024 from atop a company whose shares have fallen 67 percent since peaking before President Trump's November 2024 re-election. Nunes, a former California congressman who had led Trump Media since 2022, is moving to chair the President's Intelligence Advisory Board. The company offered no timeline for a permanent successor.
The numbers
Trump Media posted a net loss exceeding $712 million in 2025 against roughly $3.7 million in revenue, according to Fox Business. Operating costs surpassed $576 million, with substantial write-downs tied to digital assets contributing to the shortfall. Since going public two years ago, the company has accumulated losses exceeding $1.1 billion, PBS NewsHour reported.
Shares of DJT fell 3.46 percent after the announcement, a muted move in a stock that has already surrendered two-thirds of its value.
The pivot
The company operates Truth Social, the Truth+ streaming service and the Truth.Fi fintech platform, and has recently expanded into cryptocurrency and prediction markets. Neither bet has reversed the slide in the core social-media product, which has failed to achieve mainstream scale despite Trump's frequent use of the platform for political announcements.
McGurn previously worked at NBC Universal, Hulu and DoubleClick. He also serves as chief executive of a shell company through which Donald Trump Jr. and Eric Trump acquired interests in U.S. manufacturers targeting federal contracts, PBS reported.
"It is an honor to step into the role of Interim Chief Executive Officer at this important moment for Trump Media & Technology Group," McGurn said. He added that "Truth Social stands for the most powerful brand and voice in history of social media and beyond."
The counterpoint
Fox Business framed the move as a planned transition rather than a dismissal. Nunes characterized the timing as appropriate for his shift to Intelligence Advisory Board duties, and Donald Trump Jr., a board member, thanked him for his service while congratulating McGurn. Two other recent board exits — former U.S. Trade Representative Robert Lighthizer in March and Eric Swider earlier in April — were not attributed to management disputes. The single-digit dip in the stock suggests investors had already priced in the leadership risk.
McGurn inherits a balance sheet hemorrhaging cash, a share price that has not found a floor, and a strategic pivot into crypto and betting markets whose payoff remains theoretical. The company has not said when it will name a permanent CEO.