Devin Nunes stepped down as chief executive of Trump Media & Technology Group (Nasdaq: DJT) on Wednesday, ending a four-year run marked by razor-thin revenues, a stock in freefall, and a company that quietly transformed from a social media platform into a cryptocurrency treasury.
Kevin McGurn, who previously held senior roles at Hulu and Vevo, assumes the interim CEO position effective immediately. Nunes said he will focus on his role as chairman of the President’s Intelligence Advisory Board.
The departure caps a bruising financial stretch for the Truth Social parent. Trump Media recorded $3.7 million in full-year 2025 revenue — up 1.8% from the prior year — while booking a net loss of $712.3 million. Shares surged past $60 after the company’s March 2024 market debut but had fallen to around $9.70 by April 23 — an 83% drop from that high.
The headline loss figure, however, is largely a non-cash accounting item. Roughly $582 million of that figure consisted of non-cash write-downs — $403.2 million tied to digital asset valuations and $178.8 million in securities mark-to-market adjustments. On an operating cash flow basis, the company turned positive in 2025, generating $14.8 million — a reversal from a $61 million outflow the prior year.
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That shift reflects how dramatically Trump Media reinvented itself under Nunes. The company built a bitcoin treasury strategy, launched Truth.Fi financial products and prediction-market features, and pursued a merger with fusion energy company TAE Technologies. Financial assets now stand at approximately $2.5 billion, up from $200 million at the time of the company’s public debut.
Truth Social has nonetheless struggled to attract advertisers and grow beyond its core user base. The company warned in its most recent annual report that it “expects to incur operating losses for the foreseeable future.”
Donald Trump Jr., a board member, thanked Nunes for “his dedicated service to the company over the past four years” and said McGurn “brings deep experience across media, technology, and capital markets.”
Nunes, a former Republican congressman from California who resigned from the House in January 2022 to take the CEO role, wrote in a Truth Social post that the timing was “appropriate” and that he remained committed to the company’s free-speech mission.
McGurn, who also leads a manufacturing investment firm backed by Trump’s two eldest sons, said he looked forward to “positioning our media assets for their next phase of growth.”
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