Truth Social reshuffles leadership after stock plunge

The company behind Truth Social is changing course at the top, and the timing says as much as the announcement itself.

Devin Nunes, a former congressman and close ally of Donald Trump, is stepping down as CEO of Trump Media & Technology Group after a steep decline in the company’s stock. He will be replaced on an interim basis by digital media executive Kevin McGurn. The company offered no explanation for the leadership change and did not outline a timeline for a permanent successor.

The move follows a sharp reversal in investor sentiment. After surging ahead of Trump’s re-election in November 2024, the company’s stock has since dropped 67%, wiping out more than $6 billion in value. The fall underscores a broader issue: early enthusiasm tied to political momentum has not translated into sustained business performance.

Trump Media was built as an alternative to major social platforms that had previously banned the president following the January 6, 2021 Capitol riots. Positioned as a “free speech” platform, Truth Social also set out with ambitions beyond social media, including competing with streaming services such as Netflix. But despite Trump’s frequent use of the platform for announcements, it has struggled to attract a broad user base.

Financially, the gap between ambition and results has widened. Since going public two years ago, the company has reported losses exceeding $1.1 billion. During that period, Nunes received total compensation of $47 million in 2024 alone, according to available figures.

McGurn, who has held roles at NBC Universal, Hulu and DoubleClick, is stepping in with a message of continuity and optimism. “In carrying President Trump’s unique, singular vision and message, Truth Social stands for the most powerful brand and voice in history of social media and beyond,” he said.

At the same time, the company has been expanding into adjacent areas, including cryptocurrency and prediction markets — sectors that have seen more favorable regulatory conditions under the current administration. Last year, the creation of a national bitcoin reserve by the Trump administration contributed to rising valuations in the crypto space, aligning with the company’s diversification strategy.

McGurn is also linked to a separate venture involving Trump’s sons, Donald Jr. and Eric, focused on acquiring U.S. manufacturers, including those seeking federal contracts. That overlap has drawn scrutiny, though both the Trump Organization and the White House have consistently denied any conflict of interest between the president’s public role and private business interests.