Trump Media announced on 21 April 2026 that Nunes had stepped down as Chief Executive and Chairman, with adviser Kevin McGurn taking over as Interim CEO effective immediately.

The departure comes less than two months after the company filed itsfull-year 2025 resultswith the Securities and Exchange Commission, disclosing a net loss that dwarfed its revenue by a ratio of nearly 193 to one. DJT shares, which briefly traded above £50 ($66) at the stock's public debut in March 2024, have since fallen to approximately £7 ($9) in April 2026.

The company, which operates the Truth Social platform, the Truth+ streaming service, and the Truth.Fi financial brand, offered no reason for Nunes's exit and provided no timeline for a permanent replacement.Donald Trump Jr., acting on behalf of the Trump Media board, issued a statement praising both men and said McGurn was 'uniquely positioned' to guide the company through what he called 'an important period.'

Trump Media's 2025 annual report, included in itsForm 10-K filed with the SEC on 27 February 2026, shows total revenue of £2.8 million ($3.7 million) for the full year ended 31 December 2025. That figure represents the entirety of what the company earned from its advertising-supported social media platform and its streaming service across 12 months.

The £544 million ($712.3 million) net loss was driven primarily by non-cash accounting charges rather than cash spent on operations. Of that total, £308 million ($403.2 million) came from unrealised losses on the fair value of digital assets the company holds, and £137 million ($178.8 million) came from mark-to-market losses on digital asset-related securities.

BREAKING: Devin Nunes is OUT as the CEO of the Truth Social Parent Company, Trump Media.The company brought in just $3.7 million in revenue last year, and LOST $712 million.The Stock is down from $58 to $9.82.Another Trump FAILURE!pic.twitter.com/2UcD1PW08Y

A further £45 million ($59.2 million) in non-cash stock-based compensation and £21 million ($27 million) in non-cash interest expense on outstanding debt brought the consolidated adjusted EBITDA loss to £508 million ($664.4 million). The company highlighted that it achieved positive operating cash flow of £11.3 million ($14.8 million) for the year, crediting an options hedging strategy linked to its bitcoin treasury holdings.

For context, since the company went public in March 2024, it has accumulated total losses exceeding £843 million ($1.1 billion), according to reporting by the Associated Press. Nunes, meanwhile, received total compensation of £36 million ($47 million) for 2024 alone, the last year for which those figures are publicly available.

Nunes, a former Republican congressman from California's Central Valley, left Congress abruptly in December 2021 after nearly two decades in the House of Representatives. President Donald Trump announced his appointment to lead Trump Media on the same day Nunes disclosed his congressional exit. He had been one of Trump's most loyal political allies, notably serving as ranking member of the House Intelligence Committee and playing a central role in efforts to discredit the FBI's investigation into Russian interference in the 2016 election.

Full statement of Devin Nunes concerning his departure from Truth Social's parent companyhttps://t.co/YcVsH03bez

Source: International Business Times UK