Trump media company replaces CEO, ex-congressman Nunes after stock plunge
NEW YORK– The Trump company behind Truth Social replaces a former congressman and major supporter of the US president at the helm of the social media platform after a stock market crash that wiped out billions in investor wealth.
Devin Nunes, a former California congressman during Donald Trump’s first term, is temporarily replaced by digital media executive Kevin McGurn as chief executive. The Trump Media Company & Tech did not give a reason for Nunes’ departure or provide a timetable for his permanent replacement.
After soaring shortly before Trump’s re-election in November 2024, the company’s shares plunged 67%, wiping out more than $6 billion in investor wealth.
Trump Media was created by the Trump family as an alternative to social media giants who banned him from posting on their platforms after the Capitol riots on January 6, 2021. He said he would not only take on Facebook and Twitter as an alternative to “free speech” but could eventually become a media giant competing with streaming services such as Netflix.
The stock soared, but it never gained popularity among a broad audience, despite the president’s frequent use for major policy announcements, which government ethics experts call a conflict of interest with the presidency.
Since going public two years ago, Trump Media has lost more than $1.1 billion. Nunes received total compensation of $47 million in 2024, the latest year for which figures are available.
New CEO McGurn said in a statement that the company was “on the cusp of takeoff.”
“By carrying President Trump’s unique and singular vision and message, Truth Social represents the most powerful brand and voice in the history of social media and beyond,” he said.
The Trump Organization did not immediately respond to a request for comment.
The company recently ventured into cryptocurrency and another hot business, prediction markets. These are online betting sites where people can bet on sporting, entertainment and political events.
Cryptocurrencies and prediction markets have received a boost from the Trump administration, in terms of lighter regulation and outright promotion. Last year, for example, Trump created a national bitcoin reserve, increasing the value of the currency.
McGurn has worked at NBC Universal, Hulu and DoubleClick, among other companies, according to his LinkedIn profile. He is also CEO of a new shell company that Trump’s two eldest sons, Donald Jr. and Eric, joined last year to buy up American manufacturers. That company initially said in regulatory filings that it would target companies hoping to win federal contracts, which would be awarded by the same government led by their father.
The Trump Organization and the White House have repeatedly denied that there are any conflicts of interest between Trump’s role as president and the family business.
