Trump Media Replaces Devin Nunes As Truth Social CEO After $6 Billion Stock Wipeout
Trump Media replaced Devin Nunes as CEO of Truth Social with interim chief Kevin McGurn after a steep stock plunge.
The board named longtime media adviser Kevin McGurn as interim CEO. Trump Media's stock plunged 67%, wiping out more than $6 billion in investor wealth after a post-2024 election surge, according to AP and PBS. Market capitalization fell from near $10 billion at the March 2024 debut to roughly $2.7 billion, and the stock had fallen about 58% over twelve months. Since going public, the company has posted cumulative losses exceeding $1.1 billion and paid Nunes about $47 million in total 2024 compensation.
Nunes said he would step aside to focus on chairing the President's Intelligence Advisory Board. McGurn has been an adviser to Trump Media and previously worked at NBC Universal, Hulu and DoubleClick. He also leads firms tied to Donald Trump Jr. and Eric Trump that invest in U.S. manufacturers and headed a shell acquisition vehicle linked to possible deals with Truth Social. Reporting says Trump Media has explored selling Truth Social to that vehicle and is expanding into cryptocurrencies and prediction markets, areas critics say benefit from lighter regulation.
Coverage shifted from operational updates to a broader critique of viability and ethics as later outlets quantified the financial damage and audience problems. Early reports emphasized Nunes' management changes and his new advisory role, while PBS and others highlighted the 67% plunge, weak user engagement, and conflicts tied to Trump's use of the platform. Social media has shown both criticism and unexpected anti-Trump sentiment on Truth Social amid international tensions, and Trump Media has filed defamation suits against some outlets over revenue reporting.
📌 Key Facts
- Devin Nunes stepped down as CEO of Trump Media/Truth Social and was replaced by interim CEO Kevin McGurn; McGurn had previously served as an adviser to Trump Media.
- Kevin McGurn is a longtime media executive (including roles at NBCUniversal, Hulu and DoubleClick) who also runs firms and blank‑check vehicles tied to the Trump family — including Texas Ventures Acquisition III Corp. and a Trump‑backed firm that invests in U.S. manufacturers seeking federal contracts.
- Trump Media’s stock plunged about 67% from a post‑2024 election surge, wiping out more than $6 billion in investor wealth; its market capitalization fell from nearly $10 billion at its March 2024 debut to roughly $2.7 billion, and the share price has declined roughly 58% over 12 months to about $9.78, hitting all‑time lows.
- Since going public, Trump Media has reported cumulative losses of roughly $1.0–$1.1 billion based on its latest filings.
- Devin Nunes received $47 million in total compensation in 2024 and said he is stepping back to focus on chairing the President’s Intelligence Advisory Board.
- Truth Social never gained a wide audience despite heavy use by former President Trump; ethics experts have called his use a conflict of interest, and the platform has experienced spikes in anti‑Trump sentiment tied to the Iran war and Trump’s rhetoric.
- Trump Media is pushing into cryptocurrencies and prediction markets (and pursued strategic investments including cryptocurrency and a planned 2025 merger with fusion company TAE Technologies); those areas have benefited from lighter regulation and promotion by the Trump administration, including proposals such as a national bitcoin reserve.
- Trump Media has filed defamation lawsuits against MS NOW and other outlets over prior reporting about its revenues, and the company has at times explored selling Truth Social to McGurn‑linked entities such as Texas Ventures Acquisition III Corp.
📰 Source Timeline (4)
Follow how coverage of this story developed over time
- AP/PBS specify the stock plunged 67%, wiping out more than $6 billion in investor wealth after a post-2024 election surge.
- Article reports Trump Media has lost more than $1.1 billion since going public, quantifying cumulative losses.
- Devin Nunes received total compensation of $47 million in 2024, providing a concrete pay figure tied to his tenure.
- The story underscores that Truth Social never gained a wide audience despite Trump's heavy use and notes ethics experts slam that use as a conflict of interest.
- It details that Kevin McGurn also runs a Trump-family-linked shell company targeting U.S. manufacturers seeking federal contracts under Trump's government.
- Article highlights that both cryptocurrency and prediction markets, where Trump Media is expanding, have benefited from lighter regulation and outright promotion by the Trump administration, including a national bitcoin reserve.
- MS NOW confirms that interim CEO Kevin McGurn is a longtime media executive and has been an adviser to Trump Media.
- Article reports that McGurn also leads a firm backed by Donald Trump Jr. and Eric Trump that invests in U.S. manufacturing, where President Trump has direct policy influence.
- Cites New York Times reporting that McGurn apparently leads Texas Ventures Acquisition III Corp., which Trump Media has considered selling Truth Social to.
- Adds contextual reporting that Trump Media’s stock recently hit an all‑time low and that there has been a spike in anti‑Trump sentiment on Truth Social tied to the Iran war and Trump’s rhetoric.
- Notes that Trump Media has filed defamation lawsuits against MS NOW and other outlets over earlier revenue reporting.
- 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.