Truth Social CEO Ousted
- The parent company of Truth Social replaced CEO Devin Nunes after a sudden stock plunge wiped out billions in market value. - The company said the leadership change followed a collapse in share price that erased billions of dollars from equity. - The boardroom shuffle underscores the close ties between political brands and market volatility as the company scrambles for stability (gjsentinel.com) (wtop.com)
Trump Media & Technology Group pushed out Chief Executive Officer Devin Nunes on April 21 and installed media executive Kevin McGurn as interim chief executive effective immediately. (abcnews.com) (politico.com) The company did not give a reason for Nunes’ exit or say when it would name a permanent replacement. Donald Trump Jr., a board member, said McGurn had experience in media, technology, and capital markets. (politico.com) Trump Media’s stock, which trades as DJT, had fallen 67% from its post-election surge, erasing more than $6 billion in investor wealth, according to the company’s account of the slide. Shares closed at $9.82 on April 21, down more than 75% since President Donald Trump’s January 2025 inauguration, Politico reported. (abcnews.com) (politico.com) Truth Social is the company’s main business and President Trump’s preferred social media outlet for major announcements. Trump Media was created after large platforms barred him following the January 6, 2021 Capitol attack, and it marketed itself as a “free speech” alternative. (abcnews.com) (ir.tmtgcorp.com) The company has spent the past year trying to become more than a social app. It expanded into streaming through Truth+, financial products through Truth.Fi, digital tokens, exchange-traded funds, prediction markets, and a proposed all-stock merger with fusion company TAE Technologies valued at more than $6 billion when it was announced in December 2025. (politico.com) (ir.tmtgcorp.com) The numbers behind the shake-up were weak. Trump Media reported $3.7 million in 2025 revenue and a $712.3 million net loss in results released on February 27, 2026. (nasdaq.com) Nunes had been running Trump Media since late 2021 after leaving Congress, and his departure is the third senior-level exit in recent weeks. Board member Robert Lighthizer resigned in March, and director Eric Swider resigned in April, with the company saying neither departure stemmed from a dispute with management or the board. (politico.com) The exit also reverses Trump Media’s own recent guidance. In its investor-relations frequently asked questions page, the company had said Nunes intended to remain chairman and chief executive while serving as chairman of the President’s Intelligence Advisory Board. (ir.tmtgcorp.com) McGurn now takes over as Trump Media tries to hold together a stock built as much on Trump’s political brand as on its underlying business. The company said only that he would lead its strategy across social media, streaming, and mergers and acquisitions. (markets.businessinsider.com)
