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Posted on 04/22/2026 7:15:06 AM PDT by Miami Rebel
Former Republican congressman Devin Nunes is out as the CEO of Trump Media — the company that owns Truth Social — after the firm recorded a $712 million net loss in 2025.
In a press release, Donald Trump Jr. issued the following statement on behalf of the Board of Directors:
I want to thank Devin Nunes for his dedicated service to the Company over the past four years, and congratulate Kevin McGurn on his appointment as Interim CEO. Kevin brings deep experience across media, technology, and capital markets, as well as a strong understanding of Trump Media’s operations and strategic priorities. His familiarity with the Company and alignment with our leadership team uniquely position him to guide Trump Media through this important period.
McGurn has been a strategic adviser to the company since late 2024, and was described in the press release as “a seasoned executive with more than two decades of leadership experience across digital media, streaming, telecommunications, and advertising technology” who ” has held senior leadership roles at major media and technology companies and has advised organizations on strategic growth, platform development, and corporate transactions.”
In addition to being a board member himself, Trump Jr. also “oversees a trust that controls his father’s 115-million-share stake” in the company, per The New York Times.
In a statement of his own, Nunes defended his record at the helm, writing, “After I joined Trump Media in 2022, we experienced one of the longest SPAC merger approval processes in history, went public in March 2024, and oversaw the Company’s expansion over the next two years. During that time, the Company grew from a social media start-up into a public company with a multi-billion dollar valuation, increasing its financial assets from approximately $200 million when the merger closed to around $2.5 billion at the end of 2025. Additionally, we achieved positive cash flow for the 2025 calendar year—less than two years after going public. This financial position enabled the Company to implement its mergers and acquisitions strategy.”
“Now, having achieved Trump Media’s original mission of giving the American people their voices back, and with the Company’s future secured through our strong balance sheet, it’s an appropriate time for Kevin McGurn, a Trump Media advisor with deep experience in media, mergers, and acquisitions, to take over the Company’s leadership and steer Trump Media through its current transition phase,” he continued. “This will allow me to focus more intently on my role as Chairman of the President’s Intelligence Advisory Board and on other ventures, knowing the company is in safe hands under Kevin’s stewardship.”
The Times provided additional context on the firm’s financial position:
Trump Media has incurred hundreds of millions in losses, and its shares have performed poorly since the company went public by completing a merger with a cash-rich special purpose acquisition company, or SPAC, in March 2024. The stock, which ended its first day of trading around $58 a share, closed Tuesday at $9.82.
Shares of Trump Media trade under the symbol DJT, which are President Trump’s initials. Truth Social has emerged as the main social media platform for Mr. Trump to communicate his policy decisions and opinions to the world.
Last year, Trump Media took in $3.7 million in revenue and recorded a $712 million net loss.
In December, Trump Media announced a plan to merge with TAE Technologies, a fusion power company. The all-stock deal, which was valued at $6 billion at the time, would create one of the first publicly traded nuclear fusion companies.
Trump Media said in February that it was considering spinning off its Truth Social platform in a merger with another cash-rich SPAC, Texas Ventures Acquisition III Corp.
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Ouch!
House, Senate, Gov....pick one. He’s an asset that needs a position.
If Don Trump Jr. were smart he would sell off as much of Truth Social as he could legally do over the next three years. Doubt it will be worth much after Trump leaves the White House. The majority of the “hits” it gets and hence its value is because President Trump posts so often on it. May be the reason he does post so regularly. Who would hit on it if he didn’t.
Correct. It sounds like he was needed to crack the TDS brigades’ block on the merger. He accomplished that.
The media will now cast him as having a feud with Trump.
EC
A company that exists only so that DJTs comments to social media are on his own platform. “Truth Social” serves no general social media purpose. Thus its revenue from ads is much less than general social media venues because the audience for and on Truth Social is largely a single segment and not general. After DJT leaves office I imagine the rest of the Trump enterprises will have to take Truth Social back to a private company and financially prop it up.
Musk’s moves turning Twitter into X dissolved Trump’s need for a separate Trump social media platform, in any free speech sense.
A deduction to offset any capital gains! :^D
Those numbers are about the same as your local McDonald’s store
True
Trump pays a lot for his own mouthpiece
But I get the initial motivation
Without Trumps tweets truth social is nonentitis
This is like Tucker, who lost his usefulness after Biden left.
Tuth Social was formed in 2021 when a conservative platform that could stand up to leftists was needed, before Elon bought Twitter in 2022. as it turned out,Elon made X into a fair platform - but who knows if that will always be true.TS has moved into other ventures. we shall see.
I hope Elon buys Truth Social. Maybe I can finally get my lifetime suspension on X lifted.
I never understood why a farmer was picked to run a social media company. He hasn’t done such a terrible job of it - until now. But what could a person who was experienced and competent as well as loyal to Trump done?
Time to roll out another “meme coin.” Baron needs new shoes.
To be fair, more like a high volume McD’s in a larger city but your point stands.
I remember SMH when people were buying in after the SPAC (and another piece of advice for novice investors... it’s usually a bad idea to jump in early on an IPO but it’s a truly TERRIBLE idea to ever jump on a SPAC. SPAC’s are for entities no professional underwriter/IB will touch).
A stock is ultimately worth what people will pay for it — but for the sake of the wallets of people who jumped in, I hope you sold short at 60-70... Even at 9.75 — that cap (my math says about 2.75b?) — that’s just amazingly too high for a company with flat revenue in the 3-3.5m range and no path I see for growth.
Day trading isn’t my bag - and I generally don’t in options, either... but there’s a cliche: The market can stay irrational longer than you can stay solvent... but rational valuations always catch-up eventually.
“I never understood why a farmer was picked to run a social media company.”
Lara Trump might be good. She graduated cum laude with a BA degree in communications from North Carolina State University. She was a story coordinator and producer for the TV news magazine Inside Edition. Now she’s on Fox.
Plus, she’s a Trump and has a vested interest in success.
Truth Social was kind of doomed one Elon bought Twitter and stopped the censorship and banning of wrongthink. An alternative to twitter was no longer needed.
Without a doubt. Start unloading now, albeit, quietly. As another FReeper said, Truth Social was a great idea, right up until Musk bought Twitter.
As Facebook found out, unless there are LOTS of ads, its hard to make $$$ on social media.
House, Senate, Gov....pick one. He’s an asset that needs a position.
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