Trump Media Replaces CEO Devin Nunes After Losses Top $1 Billion
Trump Media replaced CEO Devin Nunes with interim CEO Kevin McGurn after reporting losses exceeding $1 billion. The change was announced this week at the social media company behind Truth Social amid a steep stock plunge and mounting investor concern.
Trump Media's latest annual report shows more than $1 billion in accumulated losses since the company went public about two years ago. Market value fell from nearly $10 billion at a March 2024 debut to roughly $2.7 billion, and the stock trades near $9.78 after a 58% 12-month decline. Executives have pursued moves into investments, cryptocurrencies, and a planned 2025 merger with fusion company TAE Technologies as they sought new revenue paths. Nunes told the company he will step back to focus on chairing the President's Intelligence Advisory Board.
Kevin McGurn is a longtime media executive who served as an adviser to Trump Media and held roles at NBC Universal, Hulu and DoubleClick. Reporting also tied him to Texas Ventures Acquisition III Corp. and to a firm backed by Donald Trump Jr. and Eric Trump that invests in U.S. manufacturing. Coverage has shifted from initial announcements about a leadership change to sharper scrutiny of the company's finances, valuation collapse and the new CEO's business ties, driven by reporting from ABC, CBS MoneyWatch and independent outlets. Public reaction on Truth Social and elsewhere has been mixed, with reports of a spike in anti-Trump posts tied to the Iran war and to the president's rhetoric. Trump Media has also filed defamation suits against outlets that reported on its revenues, adding another layer of contention around the company's public narrative.
📌 Key Facts
- Trump Media has replaced CEO Devin Nunes with interim CEO Kevin McGurn; McGurn previously served as an adviser to the company.
- Trump Media reported cumulative losses exceeding $1 billion since going public two years ago, based on its most recent annual report.
- The company's market valuation has fallen from nearly $10 billion at its March 2024 debut to about $2.7 billion; the stock was around $9.78 after a 58% 12‑month decline and recently hit an all‑time low.
- Kevin McGurn is a longtime media executive (including roles at NBCUniversal, Hulu and DoubleClick) who leads a firm backed by Donald Trump Jr. and Eric Trump that invests in U.S. manufacturing; he has been linked to Texas Ventures Acquisition III Corp., a SPAC that Trump Media reportedly considered selling Truth Social to.
- Devin Nunes said he is stepping back to focus on chairing the President’s Intelligence Advisory Board; his tenure included strategic moves into investments, cryptocurrencies, and a planned 2025 merger with fusion company TAE Technologies.
- Reporting notes a spike in anti‑Trump sentiment on Truth Social tied to the Iran war and President Trump's rhetoric, which coincided with the company's recent operational and market struggles.
- Trump Media has filed defamation lawsuits against MS NOW and other outlets over earlier reporting about its revenue.
📰 Source Timeline (3)
Follow how coverage of this story developed over time
- 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.