Trump Media replaces Nunes as CEO amid stock collapse

NEW YORK (AP) — Trump Media & Technology has replaced Devin Nunes, a former congressman and supporter of Donald Trump, with digital media executive Kevin McGurn as the new CEO of Truth Social. This change follows a significant stock collapse that resulted in a loss of over $6 billion in investor wealth. The company did not provide a reason for Nunes' departure or a timeline for a permanent replacement.

The stock of Trump Media soared prior to Trump's re-election in November 2024 but has since plummeted 67%. Despite its initial promise as a 'free speech' alternative to major social media platforms, Truth Social has struggled to gain a substantial user base, leading to a total loss of more than $1.1 billion since going public two years ago. Nunes received a total compensation of $47 million in 2024, the last year for which figures are available.

Kevin McGurn stated that the company is 'poised to take off,' emphasizing that Truth Social represents 'the most powerful brand and voice in history of social media and beyond.' Trump Media has also recently expanded into cryptocurrency and prediction markets, areas that have received favorable regulatory treatment under the Trump administration. McGurn's background includes roles at NBC Universal, Hulu, and DoubleClick, and he is currently leading a shell company associated with Trump's sons that aims to acquire U.S. manufacturers.

The replacement of Nunes signals a shift in leadership as the company seeks to recover from its financial downturn. McGurn's appointment may indicate a strategic pivot towards more innovative business ventures, particularly in areas like cryptocurrency, which have been promoted by the Trump administration.

What to watch: The upcoming decisions regarding the permanent CEO position and the strategic direction of Truth Social will be critical for its recovery.