Trump Media & Technology Group (NASDAQ:DJT) is shaking up leadership at a time when its business is under growing pressure and investors are feeling the impact.
Shares of the company have fallen around 67% (1) since their rise ahead of the November 2024 election, wiping out more than $6 billion in market value and raising new questions about the future of its core platform, Truth Social. Going back to the early 2022 performance of the shell company that brought Trump Media public, shares have plunged by around 90% (2).
Devin Nunes (3) is departing from his role as CEO after four years, with longtime digital media executive Kevin McGurn stepping in on an interim basis. The company did not give a reason for the change or say when a permanent replacement will be named.
“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. said in a statement on behalf of the board (4), adding that McGurn’s experience across media, technology and capital markets, along with his familiarity with the company, makes him well positioned to lead during a critical period.
In a post on Truth Social, Nunes, a former Republican congressman from California (5), said the transition comes at an “appropriate time,” (6) noting the company’s next phase would benefit from leadership with deeper experience in media and dealmaking. He reportedly received $47 million (7) in total compensation in 2024, the most recent year disclosed.
Nunes took over in January 2022, shortly before the launch of Truth Social as a self-described “free speech” (8) platform following Donald Trump’s removal from Twitter (now X) and Facebook after the Jan. 6, 2021, attack on the U.S. Capitol.
When the company went public in March 2024 through a special acquisition company (SPAC) merger, shares briefly surged to nearly $80 (9) in intraday trading and closed at almost $58, boosting Trump’s paper wealth as its largest shareholder. Since then, the stock has dropped to just above $9.00 (10).
In a 2021 investor presentation (19), Trump Media projected roughly $1.843 billion in revenue for 2025. Instead, the company reported about $3.68 million in revenue and a $712 million net loss. Based on those figures, Moneywise calculated that actual revenue came in approximately 99.8% below projections.
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As its core platform has struggled to scale, Trump Media has been looking for new ways to grow.
In December, the company announced plans for an all-stock merger with nuclear fusion firm TAE Technologies, (11) a deal valued at roughly $6 billion at the time.
In February, Trump Media said it was considering spinning off (12) Truth Social through a deal involving Texas Ventures Acquisition III Corp.
Trump Media is searching for a path forward, with McGurn bringing experience in digital media from executive roles at Hulu, Vevo and T-Mobile. He has advised the company since December 2024 and was listed in a regulatory (15) filing as the chief executive of Texas Ventures.
Nunes, meanwhile, said his decision to step down will allow him to focus more on his role as chair of the President’s Intelligence Advisory Board, while continuing to support Truth Social’s broader mission around online free speech.
For investors, the timing adds to an already uncertain picture. Truth Social has struggled to grow beyond a relatively niche audience, with about 6.3 million (16) active users compared to roughly 388 million on X (17).
At the same time, Trump Media has been exploring expansion into areas including cryptocurrency and prediction markets. Those efforts come as President Trump has taken a more active approach to digital assets, including signing an executive order to create a “strategic bitcoin reserve,” (18) allowing the government to hold seized bitcoin instead of selling it, and directing agencies to explore ways to expand those holdings without additional taxpayer cost. But the Trump family’s big bets on crypto have also lost thus far.
Overall, key details around Trump Media’s own strategy remain unclear. The company did not provide updates on previously discussed deals (3), including the potential TAE Technologies merger or a broader transaction tied to Truth Social.
For investors, that lack of clarity combined with leadership turnover and an evolving business model makes the company’s next chapter harder to read.
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PBS (1); Bloomberg (2); The New York Times (3),(12); CNN (4); U.S. Congress (5); Truth Social (6); The National Desk (7); Pew Research Center (8); Reuters (9); CNBC (10); Yahoo Finance (11); SEC IRPASS (13); MSN (14); U.S. Securities and Exchange Commission (15); Search Logistics (16); Business of Apps (17); The White House (18) ; TMTG Investor Presentation (19)
This article originally appeared on Moneywise.com under the title: Devin Nunes is out as Trump Media CEO after 4 years — and revenue came in 99.8% below what investors were promised
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