Trump Media Replaces Devin Nunes as CEO Amid Deep Losses
Trump Media ousted Devin Nunes after more than $1 billion in losses and steep stock declines, installing Kevin McGurn as interim CEO to steer a pivot into crypto, bitcoin and fusion energy.
PBS NewsHourTrump Media replaces Nunes as Truth Social CEO after stock plunge that wiped out billions
Associated PressTrump Media has pivoted to crypto, financial services and nuclear fusion. Its stock keeps falling.
MS NOWDevin Nunes steps down as CEO of Trump’s media company
Mother JonesTruth Social CEO out after $1.1 billion in losses
Overview
Trump Media said it replaced CEO Devin Nunes with interim CEO Kevin McGurn.
The move follows more than $1 billion in losses since going public and a plunge from a 2024 debut price of $58 into the single digits, company filings and reporting show.
McGurn said the company is "poised to take off," and Nunes posted that McGurn will guide a "transition phase," while ethics critics warned of conflicts tied to presidential ownership.
Under Nunes, the company pivoted into crypto and bitcoin—raising about $2.5 billion—and announced a merger with fusion firm TAE Technologies, while its stock has fallen roughly 58% to 84% and wiped out roughly $6 billion in value.
McGurn, a longtime media executive and company adviser, will steer operations as the merger with TAE Technologies is expected to complete in June and the company evaluates further strategic moves.
Analysis
Center-leaning sources frame the story to emphasize financial decline and ethical concerns, opening with a 67% stock plunge that 'wiped out' billions and noting Nunes's $47 million pay. They juxtapose the CEO’s optimistic quote with ethics experts' critiques, regulatory filings, and the family's business ties, prioritizing investor loss and potential conflicts.