Trump Media & Technology Group announces CEO change.
The company’s ticker symbol DJT will see a new interim CEO in Kevin McGurn, replacing Devin Nunes. Nunes led the firm through its public debut and a surge in market value.
Despite serving as a platform for President Trump’s frequent posts, Truth Social has struggled to attract advertisers. The company’s revenue rose only 1.8% over the past year, while it lost more than $1 billion since going public two years ago.
Trump Media’s stock price plummeted by 58% in the previous 12 months, erasing billions of shareholder value. Valued at nearly $10 billion when it went public in March 2024, the company now has a market capitalization of $2.7 billion.
McGurn stated that Trump Media is poised to take off and meet its vital challenge and opportunity. He emphasized that Truth Social stands for the most powerful brand and voice in social media history.
Nunes guided Trump Media into other emerging businesses, including investments, cryptocurrencies, and a 2025 merger with fusion energy company TAE Technologies. In an April post on Truth Social, Nunes said it was “an appropriate time” for McGurn to take over leadership.
McGurn has experience at NBC Universal, Hulu, and DoubleClick among others. He is also CEO of a new shell company that Trump’s two oldest sons, Donald Jr. and Eric, joined last year to buy U.S. manufacturers.