Former Congressman Devin Nunes has been removed as CEO of President Donald Trump’s media company after a steep stock slide last year.
Trump Media & Technology Group, the parent company of Truth Social, appointed advisor Kevin McGurn to succeed Nunes as interim CEO effective immediately, the company said Tuesday. It did not share a reason for Nunes’ abrupt exit.
The company's stock soared before Trump’s re-election in November 2024, but later dropped 67 percent, wiping out more than $6 billion in investor value, according to the Associated Press.
The Trump family created TMTG after mainstream social media platforms banned Trump following the January 6 Capitol riots.
The leadership change comes as Trump Media continues to report significant losses in comparison to its revenue. The company recorded a net loss of more than $712 million and revenues of $3.7 million in 2025. Since going public two years ago, the company has lost over $1.1 billion.
Nunes, who served as a Republican Congressman in California during Trump’s first term and was chair of the House Intelligence Committee, was paid $47 million by the company in 2024. Information about how much he received in 2025 was not available.
McGurn, who previously worked as an executive for Hulu, Vevo and T-Mobile, said in a statement that the company was “poised to take off.”
“In carrying President Trump’s unique, singular vision and message, Truth Social stands for the most powerful brand and voice in the history of social media and beyond,” he said.
Donald Trump Jr., who sits on the board of the company, thanked Nunes for his “dedicated service to the company over the past four years.”
Nunes, a longtime Trump ally, left Congress in 2021 to take on the CEO role. In a Truth Social post, Nunes said it was “an appropriate time” for McGurn to take over as CEO and “steer Trump Media through its current transition phase.”
“I’d like to thank President Trump, Trump Media’s millions of users and hundreds of thousands of retail shareholders, and the amazing patriots working on our Company’s team, all of whom were indispensable in creating and operating this unique Company,” he added.
While the company gave no reason for Nunes to step down, he noted in the post that giving up the role would give him more time to devote to his role as Chairman of the President’s Intelligence Advisory Board.
Nunes is the third person to leave Trump Media’s top ranks in recent weeks.
Eric Swider, who helped bring the Trump Media public, resigned from the board this month, while Robert Lighthizer, who was Trump’s U.S. Trade Representative during his first term, resigned in March.
The Independent has asked TMTG for comment.
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