New York — Trump’s company behind Truth Social replaces a former congressman and major supporter of the US president as leader of the social media platform after a stock collapse that wiped out billions in investor wealth.
Devin Nunes, a former California congressman in Donald Trump’s first term, has been temporarily replaced by digital media executive Kevin McGurn as CEO. Trump Media Company & Tech did not give a reason for Nunes’ departure or provide a timetable for his permanent replacement.
After rising shortly before Trump’s re-election in November 2024, The company’s stock fell 67%, which wiped out more than $6 billion in investor wealth.
Trump Media was founded by Trump’s family as an alternative to the social media giants who banned him from posting on their platforms after the Capitol riot on January 6, 2021. It said it would not only take on Facebook and Twitter as alternatives to “free speech,” but could eventually become a media giant that rivals streaming services like Netflix.
The stock has risen, but has not gained traction with a broad audience despite the president’s frequent use of it in major political ads, which government ethics experts have criticized as a conflict of interest with the presidency.
Since going public two years ago, Trump Media has lost more than $1.1 billion. Nunes received total compensation of $47 million in 2024, the last year for which figures are available.
New CEO McGurn said in a statement that the company is “on the cusp of launching.”
“By conveying President Trump’s unique and unique vision and message, Truth Social represents the strongest brand and voice in the history of social media and beyond,” he said.
The Trump Organization did not immediately respond to a request for comment.
The company recently b Switched to cryptocurrency Another hot business is prediction markets. The latter are online betting venues where people can bet on sporting, entertainment and political events.
Both the cryptocurrency and prediction markets got boosts from the Trump administration, in terms of eased regulation and outright promotion. Last year, for example, Trump created a national bitcoin reserve, sending the value of that currency soaring.
McGurn has worked at NBC Universal, Hulu and DoubleClick, among other companies, according to his LinkedIn profile. He is also the CEO of a new shell company that Trump’s two eldest sons, Donald Jr. and Eric, joined last year to buy up American manufacturers. That company originally said in regulatory filings that it would target companies that hoped to benefit from federal contracts, which would be awarded by the same government its father ran.
The Trump Organization and the White House have repeatedly denied the existence of this Conflict of interest b Between Trump’s role as president and family businesses.