Devin Nunes stepped down as CEO of Trump Media & Technology on Tuesday, ending a four-year tenure marked by soaring expectations and collapsing stock value.
The former California congressman announced his departure in a statement, saying he would focus on his role as chairman of Donald Trump’s intelligence advisory board and other ventures. The company did not provide a reason for his exit or a timeline for a permanent replacement.
Nunes’ departure comes amid a steep decline in the company’s stock, which has lost more than $6 billion in shareholder value since Trump’s re-election in November 2024. Shares are down over 60% from their post-election peak, trading in the single digits after opening above $62 when the company went public two years ago.
The downturn reflects broader struggles to grow Truth Social beyond Trump’s core base. Despite the president’s frequent use of the platform for major announcements, monthly active users have declined year-over-year, according to Similarweb data cited in March. Analysts note the platform never achieved the scale needed to compete with established social networks, even as it positioned itself as a free-speech alternative after Trump’s bans from Twitter and Facebook following the January 6, 2021 Capitol riot.
As user growth stalled, the company diversified into cryptocurrency, prediction markets, and other ventures. In August, it launched a crypto initiative with Crypto.com, aiming to create a digital ecosystem using the Cronos token for payments and rewards. It too raised $2.5 billion last year to increase its bitcoin holdings, part of a broader push into digital assets that has received support from the Trump administration through lighter regulation and public endorsement.
For more on this story, see Donald Trump 2024 Endorsements: Notable Government Officials.
The leadership shift places Kevin McGurn, a former executive at NBC Universal, Hulu, and DoubleClick, in the interim CEO role. McGurn, who also leads a shell company backed by Trump’s sons Donald Jr. And Eric, said in a statement the company is “poised to take off” and described Truth Social as “the most powerful brand and voice in history of social media and beyond.”
The Trump Organization did not respond to requests for comment. Both it and the White House have previously denied conflicts of interest between the president’s official duties and family business ventures, despite ethics experts criticizing Trump’s use of Truth Social for political messaging as a potential violation.
The company’s history includes regulatory scrutiny: a shell company used to take it public was investigated for misleading investors, resulting in a multi-million-dollar penalty, and one board member was sentenced to prison for insider trading. These issues emerged even as Trump regained access to his former social media accounts, reducing the perceived require for a separatist platform.
Despite the leadership change, the fundamental challenge remains: converting political loyalty into sustainable user growth and revenue. The company’s forays into crypto and finance may attract speculative interest, but they distance it further from its original social media mission.
Why did Devin Nunes step down as CEO?
Nunes said he is stepping down to focus on his role as chairman of Trump’s intelligence advisory board and other personal ventures. The company did not specify additional reasons for his departure.
What has happened to Trump Media’s stock since Trump’s re-election?
The stock has fallen more than 60% since November 2024, wiping out over $6 billion in shareholder value. Shares now trade in the single digits after opening above $62 at the company’s 2024 public debut.
