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Former Republican congressmanDevin Nunesis out as the CEO of Trump Media — the company that owns Truth Social — after the firmrecordeda $712 million net loss in 2025.
In a press release,Donald Trump Jr.issued the following statement on behalf of the Board of Directors:
I want to thank Devin Nunes for his dedicated service to the Company over the past four years, and congratulateKevin McGurnon his appointment as Interim CEO. Kevin brings deep experience across media, technology, and capital markets, as well as a strong understanding of Trump Media’s operations and strategic priorities. His familiarity with the Company and alignment with our leadership team uniquely position him to guide Trump Media through this important period.
McGurn has been a strategic adviser to the company since late 2024, and was described in the press release as “a seasoned executive with more than two decades of leadership experience across digital media, streaming, telecommunications, and advertising technology” who ” has held senior leadership roles at major media and technology companies and has advised organizations on strategic growth, platform development, and corporate transactions.”
In addition to being a board member himself, Trump Jr. also “oversees a trust that controls his father’s 115-million-share stake” in the company, perThe New York Times.
In a statement of his own,Nunesdefended his record at the helm, writing, “After I joined Trump Media in 2022, we experienced one of the longest SPAC merger approval processes in history, went public in March 2024, and oversaw the Company’s expansion over the next two years. During that time, the Company grew from a social media start-up into a public company with a multi-billion dollar valuation, increasing its financial assets from approximately $200 million when the merger closed to around $2.5 billion at the end of 2025. Additionally, we achieved positive cash flow for the 2025 calendar year—less than two years after going public. This financial position enabled the Company to implement its mergers and acquisitions strategy.”
“Now, having achieved Trump Media’s original mission of giving the American people their voices back, and with the Company’s future secured through our strong balance sheet, it’s an appropriate time for Kevin McGurn, a Trump Media advisor with deep experience in media, mergers, and acquisitions, to take over the Company’s leadership and steer Trump Media through its current transition phase,” he continued. “This will allow me to focus more intently on my role as Chairman of the President’s Intelligence Advisory Board and on other ventures, knowing the company is in safe hands under Kevin’s stewardship.”
TheTimesprovided additional contexton the firm’s financial position:
Trump Media has incurred hundreds of millions in losses, and its shares have performed poorly since the company went public by completing a merger with a cash-rich special purpose acquisition company, or SPAC, in March 2024. The stock, which ended its first day of trading around $58 a share, closed Tuesday at $9.82.
Source: Drudge Report
