Trump Media Replaces Nunes After $1.1B Losses and 67% Stock Collapse
Trump Media has replaced CEO Devin Nunes after the company lost more than $1 billion, marking a major leadership shift at the parent company of Truth Social.
The move follows a sharp stock decline that wiped out over $6 billion in investor value, raising new pressure on the company’s strategy and long-term viability.
According to CBS News and the Associated Press, Nunes is stepping down and will be replaced by interim CEO Kevin McGurn, a veteran of Hulu and NBCUniversal. The company’s stock has fallen between 58% and 67% over the past year, while revenue has grown only slightly.
That decline comes as Truth Social continues to struggle with advertiser interest and user growth, even as Donald Trump uses the platform as a primary communication channel.
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McGurn said the company is “poised to take off.”
The leadership change adds to a broader pattern of instability, as Trump Media has expanded into cryptocurrency, exchange-traded funds, and a proposed fusion energy merger without stabilizing its core social media business.
What happens next will depend on whether new leadership can reverse losses, rebuild investor confidence, and deliver a clearer strategy in an increasingly competitive tech landscape.
For now, the company enters another transition phase under growing scrutiny.
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