The company behind President Donald Trump’s social media community is altering leaders amid mounting monetary losses, a sagging inventory value and lingering uncertainty in regards to the long-term viability of its flagship product, Truth Social.
Devin Nunes, a former California member of Congress and longtime Trump loyalist, is exiting his place as chief government officer of Trump Media & Technology Group Corp., he and the company announced Tuesday. Kevin McGurn, a former government at Hulu and Vevo, will step in as interim CEO.
“I want to thank Devin Nunes for his dedicated service to the Company over the past four years, and congratulate Kevin McGurn on his appointment as Interim CEO,” Donald Trump Jr. stated in an announcement on behalf of the board of administrators. “Kevin brings deep experience across media, technology, and capital markets, as well as a strong understanding of Trump Media’s operations and strategic priorities. His familiarity with the Company and alignment with our leadership team uniquely position him to guide Trump Media through this important period.”
Nunes’ four-year stint included the launch of Truth Social in 2022 — after social media websites banned Trump from their platforms as a consequence of his efforts to carry onto energy in 2021. The fledgling app intently resembles Twitter, the location that helped launch Trump’s political profession, and it quickly turned the vessel for his newest musings, broadsides, endorsements and bulletins about his political comeback.
Nunes additionally oversaw Trump Media & Technology Group Corp.’s transition to a public company in 2024, a transfer that put Trump’s initials alongside some of probably the most iconic manufacturers and companies on this planet.
After going public, the value of the inventory rapidly soared over $60, boosting the on-paper wealth of Trump, the company’s largest shareholder. But DJT, as it trades on the inventory change, has since fallen again to earth. As of Wednesday morning, it was buying and selling for about $9.70.
The web site has failed to realize a broader consumer base exterior of Trump’s hardcore followers and media sorts monitoring his ideas and strikes. The company reported simply $3.7 million in income final 12 months and a web loss of $712 million.
“TMTG expects to incur operating losses for the foreseeable future,” the company wrote in its most up-to-date annual report back to shareholders. “If Truth Social or Truth+ fails to develop and maintain followers or a sufficient audience, or if adverse trends develop for social media platforms or streaming services generally, TMTG’s business would be adversely affected.”
Nunes said on Truth Social that stepping down as CEO will “allow me to focus more intently on my role as Chairman of the President’s Intelligence Advisory Board.”
“I remain fully committed to our common cause of free speech on the Internet, which is now and will always be fiercely protected by Truth Social,” he wrote.