On April 22, 2026, Devin Nunes — the former Republican congressman who left the House in 2022 to run Trump Media & Technology Group — stepped down as CEO. He is being replaced on an interim basis by Kevin McGurn, a former NBC Universal, Hulu, and DoubleClick executive who has advised the company since December 2024.
Nunes is not leaving the Trump orbit. He posted on Truth Social that he will now “focus more intently on my role as chairman of the President's Intelligence Advisory Board and on other ventures.” Donald Trump Jr., who sits on the Trump Media board, announced the departure.
The departure follows a sustained financial collapse. The company has lost more than $1 billion since its March 2024 SPAC debut. The stock closed at $9.78 on the day of Nunes's resignation, down roughly 58% over the past 12 months and down from a market capitalization of around $10 billion at debut to about $2.7 billion now. The New Republic reported that Trump Media booked a $712 million net loss for full-year 2025 against $3.7 million in revenue — a loss roughly 192 times its revenue. CBS reported that revenue grew only 1.8% over the past year.
McGurn's appointment carries an embedded conflict. According to CBS News, he simultaneously serves as CEO of a shell company that Donald Trump Jr. and Eric Trump joined to purchase U.S. manufacturers — meaning the incoming CEO of Trump Media is also running a separate Trump-family acquisition vehicle.
Under Nunes, Trump Media diversified well beyond Truth Social, which has continued to struggle to attract advertisers. The company sold off the streaming service Truth+, launched the Truth.Fi crypto and ETF brands, announced a Bitcoin treasury initiative funded by a $2.5 billion 2025 capital raise, and completed a 2025 merger with fusion energy company TAE Technologies. None of these ventures has produced material recurring revenue. The company remains, in practice, a single-asset firm whose value is tied to the political relevance of one user.
The core question that has surrounded Trump Media since its public debut — whether it is a real business or a vehicle for transferring money from retail and crypto investors to the Trump family — is not resolved by the change in leadership. It is sharpened by it.