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Trump Media & Technology Group said it is temporarily replacing Devin Nunes as chief executive of the company behind Truth Social, naming Kevin McGurn to take over after the firm’s stock dropped sharply. The change follows a selloff that, according to the Associated Press report, erased more than $6 billion in investor wealth and marked a 67% decline in the company’s shares.
The company did not say why Nunes is leaving or when a permanent successor would be selected, leaving the transition’s duration and decision-making unclear. The reshuffling comes as investors and political observers have closely tracked Trump Media’s role as the business platform associated with President Donald Trump.
Nunes, a former congressman from California, had served as CEO, AP reported. McGurn, described by the report as a digital media executive, will hold the CEO role temporarily, the AP story said.
In a statement, McGurn said the company was “poised to take off.” AP also reported that the Trump Organization did not immediately respond to a request for comment.
The leadership change is tied to recent market performance. After the stock surged ahead of Trump’s re-election in November 2024, AP reported the shares plunged 67%, wiping out more than $6 billion in investor wealth. The report also said Trump Media has lost more than $1.1 billion since going public two years ago.
The company’s background traces to Trump’s efforts to build an alternative to large social media platforms after those companies blocked him from posting following the January 6, 2021 Capitol riots, according to AP. Trump Media was formed by the Trump family, the report said, with a “free speech” positioning and an ambition to become a major media player that could compete with streaming services such as Netflix.
AP added that the stock’s limited broader audience appeal has drawn criticism from government ethics experts, who have said they view the company as a conflict of interest with the presidency. The AP report also noted that Nunes received total compensation of $47 million in 2024, the last year for which figures are available in the story.
Beyond Truth Social, the company has branched into other businesses, including cryptocurrency and prediction markets, the AP report said. It said prediction markets are online betting venues where users can wager on sports, entertainment and political events, and that cryptocurrencies and prediction markets have benefited from the Trump administration through lighter regulation and promotion.
AP also reported that the Trump administration established a national bitcoin reserve, which helped push up the value of the currency. The report further said McGurn is also the CEO of a new shell company that Trump’s two oldest sons, Donald Jr. and Eric, joined to buy U.S. manufacturers—an effort that, AP said, had described in regulatory filings a plan to target businesses hoping to tap federal contracts administered by their father’s government.
The Trump Organization and the White House, AP reported, have repeatedly denied that there are conflicts of interest between Trump’s role as president and the family business.