Devin Nunes Abruptly Removed as Trump Media CEO After Devastating Stock Slide
Former Republican Congressman Devin Nunes has been removed from his position as Chief Executive Officer of President Donald Trump's media company, Trump Media & Technology Group, following a severe stock decline and massive financial losses. The company announced on Tuesday that advisor Kevin McGurn would immediately succeed Nunes as interim CEO, though no specific reason was provided for the sudden leadership change.
Steep Decline in Stock Value and Investor Losses
The dramatic removal comes after Trump Media's stock experienced a staggering 67 percent drop, erasing more than $6 billion in investor value according to Associated Press reports. While the company's shares initially soared ahead of Trump's re-election in November 2024, they have since plummeted, reflecting broader financial struggles.
Trump Media & Technology Group, which operates the Truth Social platform created after mainstream social media companies banned Trump following the January 6 Capitol riots, has reported alarming financial performance. In 2025 alone, the company recorded a net loss exceeding $712 million against revenues of just $3.7 million. Since going public two years ago, cumulative losses have surpassed $1.1 billion.
Nunes' Lucrative Tenure and Successor's Vision
Nunes, who served as a California Republican Congressman during Trump's first term and chaired the House Intelligence Committee, received $47 million in compensation from the company in 2024. Information regarding his 2025 compensation was not disclosed. The former CEO left Congress in 2021 specifically to assume the leadership role at Trump Media.
In a statement, incoming interim CEO Kevin McGurn expressed confidence in the company's future, stating Trump Media was "poised to take off." McGurn, who previously held executive positions at Hulu, Vevo, and T-Mobile, emphasized that "Truth Social stands for the most powerful brand and voice in the history of social media and beyond" in carrying President Trump's vision.
Leadership Exodus and Transition Statements
Nunes becomes the third high-profile departure from Trump Media's leadership in recent weeks. Eric Swider, instrumental in taking the company public, resigned from the board this month, while former U.S. Trade Representative Robert Lighthizer resigned in March.
In a Truth Social post, Nunes stated it was "an appropriate time" for McGurn to assume leadership and guide the company through its "current transition phase." He expressed gratitude to President Trump, millions of users, retail shareholders, and company employees, while noting that stepping down would allow him to devote more time to his role as Chairman of the President's Intelligence Advisory Board.
Donald Trump Jr., who serves on the company's board, thanked Nunes for his "dedicated service to the company over the past four years." The Independent has reached out to Trump Media & Technology Group for additional comment regarding the leadership transition and the company's financial challenges.
