Trump Media Replaces CEO Devin Nunes After Losses Top $1 Billion
Trump Media replaced CEO Devin Nunes with interim CEO Kevin McGurn after the company reported losses exceeding $1 billion.
The board named Kevin McGurn as interim CEO and cited Nunes' decision to step back to chair the President's Intelligence Advisory Board. The company's most recent annual report shows it has lost more than $1 billion since going public two years ago. The stock has plunged from a nearly $10 billion market value at its March 2024 debut to about $2.7 billion, trading at $9.78 after a 58% year-long decline.
Under Nunes, the company pursued investments including cryptocurrencies and a planned 2025 merger with fusion company TAE Technologies. Nunes said he will focus on chairing the advisory board; the board framed the change as a leadership transition amid financial strain. McGurn, who advised Trump Media previously, has a media and tech background at NBC Universal, Hulu and DoubleClick and led a shell company linked to Donald Trump Jr. and Eric Trump for acquiring U.S. manufacturers.
Early coverage noted the abrupt leadership change and stock slide, but newer reports disclosed the scale of losses and named McGurn while detailing his resume and ties. CBS MoneyWatch's reporting on Facebook provided many of those specifics, supplementing earlier accounts from outlets such as ABC News. The move has prompted investor and public discussion online about governance, strategy and the viability of politically linked media businesses.
đ Key Facts
- Trump Media has replaced CEO Devin Nunes with interim CEO Kevin McGurn; McGurn had previously served as an adviser to the company.
- The company reported cumulative losses of more than $1 billion since going public two years ago, per its most recent annual report.
- Trump Media's market capitalization has fallen from nearly $10 billion at its March 2024 debut to about $2.7 billion; the stock was trading at $9.78 after a 58% decline over the prior 12 months.
- Kevin McGurn's background includes roles at NBCUniversal, Hulu and DoubleClick, and he previously served as CEO of a shell company linked to Donald Trump Jr. and Eric Trump in efforts to acquire U.S. manufacturers.
- Under Nunes, the company expanded into investments and cryptocurrencies and announced a planned 2025 merger with fusion company TAE Technologies.
- Nunes said he is stepping back as CEO to focus on chairing the President's Intelligence Advisory Board.
đ° Source Timeline (2)
Follow how coverage of this story developed over time
- Confirms Devin Nunes is being replaced by interim CEO Kevin McGurn, naming him and noting his prior advisory role at Trump Media.
- Reports Trump Media has lost more than $1 billion since going public two years ago, based on its most recent annual report.
- Updates valuation data: market cap has fallen from nearly $10 billion at the March 2024 debut to about $2.7 billion, with the stock at $9.78 after a 58% twelve-month decline.
- Details Nunes' strategic moves into investments, cryptocurrencies, and a 2025 merger with fusion company TAE Technologies.
- Notes Nunes' explanation that he is stepping back to focus on chairing the President's Intelligence Advisory Board.
- Describes McGurn's background at NBC Universal, Hulu, DoubleClick, and his role as CEO of a shell company linked to Donald Trump Jr. and Eric Trump for acquiring U.S. manufacturers.