Trump media company replaces ex-congressman Nunes as CEO after stock
plunge that wiped out billions
[April 22, 2026] By
BERNARD CONDON
NEW YORK (AP) — The Trump business behind Truth Social is replacing a
former congressman and big supporter of the U.S. president as the leader
of the social media platform after a stock collapse that wiped out
billions in investor wealth.
Devin Nunes, a former California congressmen in Donald Trump's first
term, is being replaced temporarily by digital media executive Kevin
McGurn as chief executive officer. The company, Trump Media &
Technology, didn't give a reason for Nunes leaving or provide a timeline
for his permanent replacement.
After soaring shortly before Trump's re-election in November 2024, stock
in the company plunged 67%, wiping out more than $6 billion in investor
wealth.
Trump Media was formed by the Trump family as an alternative to social
media giants that had barred him from posting on their platforms after
the January 6, 2021 Capitol riots. It said it would not only take on
Facebook and Twitter as a “free speech” alternative, but eventually
could become a media giant competing with streaming services such as
Netflix.
The stock soared, but it never gained traction with a wide audience
despite the president's frequent use of it for major political
announcements, slammed by government ethics experts as a conflict of
interest with the presidency.
Since it went public two years ago, Trump Media has lost more than $1.1
billion. Nunes got total compensation of $47 million in 2024, the last
year for which figures are available.
The new CEO McGurn said in 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 history of
social media and beyond,” he said.
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The download screen for Truth Social app is seen on a laptop
computer, March 20, 2024, in New York. (AP Photo/John Minchillo,
File)
 The Trump Organization didn’t
immediately responded to a request for comment.
The company has recently branched into cryptocurrency and another
hot business, prediction markets. The latter are online betting
venues where people can wager on sports, entertainment and political
events.
Both cryptocurrencies and prediction markets have gotten boosts from
the Trump administration, in terms of lighter regulation and
outright promotion. Last year, for instance, the Trump established a
national bitcoin reserve, pushing up the value of that currency.
McGurn, has worked at NBC Universal, Hulu and DoubleClick, among
other companies, according to his LinkedIn profile. He is also the
CEO of a new shell company that Trump’s two oldest sons, Donald Jr.
and Eric, joined last year to buy U.S. manufacturers. That company
originally stated in regulatory filings that it would be targeting
businesses hoping to tap federal contracts, which would be awarded
by the same government run by their father.
The Trump Organization and the White House have repeatedly denied
that there are conflicts of interest between Trump's role as
president and the family business.
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