Trump Media & Technology Group is replacing CEO Devin Nunes, who led the company through its public debut and a subsequent surge — and swoon — in its market value.
Trump Media, which trades under the ticker DJT — the same as President Trump’s initials — said Tuesday that Nunes would be replaced by interim CEO Kevin McGurn.
Nunes, a former Republican congressman, oversaw the social media platform’s stated mission to provide “a safe harbor for free expression.” Despite serving as a pulpit for Mr. Trump’s frequent posts, Truth Social has struggled to attract advertisers. The company’s revenue has risen only 1.8% over the past year, while it has lost more than $1 billion since going public two years ago, according to its most recent annual report.
Trump Media’s stock price tumbled 58% during the previous 12 months, erasing billions in shareholder value. Valued at close to $10 billion when it went public in March 2024,
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