Devin Nunes steps down as head of Trump’s struggling media company
By Steve Contorno, CNN
(CNN) — 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.
Devin Nunes, a former California member of Congress and longtime Trump loyalist, is exiting his position as chief executive officer of Trump Media & Technology Group Corp., he and the company announced Tuesday. Kevin McGurn, a former executive at Hulu and Vevo, will step in as interim CEO.
“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,” Donald Trump Jr. said in a statement on behalf of the board of directors. “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.”
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.
“TMTG expects to incur operating losses for the foreseeable future,” the company wrote in its most recent annual report to shareholders. “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.”
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.”
“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,” he wrote.
The-CNN-Wire
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