The parent company of Truth Social, founded by United States President Donald Trump, has removed Portuguese-descendant Devin Nunes from its leadership following a decline in the group’s value of more than five billion euros.
Nunes, who served as leader of the President’s Intelligence Advisory Board, will be temporarily replaced by digital media executive Kevin McGurn as Chief Executive Officer.
Trump Media and Technology Group did not provide a reason for the departure of the former Republican congressman from Donald Trump’s first term, nor did it reveal any plans for appointing a permanent successor.
After skyrocketing just before Trump’s reelection in November 2024, the company’s stock plummeted by 67%, losing more than 6 billion dollars (5 billion euros).
Read more: Tucker Carlson apologizes for endorsing Donald Trump (with video)
Trump Media was created by the Trump family as an alternative to the tech giants that had banned him from posting on social media after the riots at the Capitol on January 6, 2021.
The company claimed it would not only take on Facebook and Twitter as an alternative for “free speech” but could eventually become a media giant and compete with streaming services like Netflix.
However, the company never gained traction with a broad audience, despite Trump frequently using the platform for major political announcements, a practice criticized by government ethics experts as a conflict of interest.
Since going public two years ago, Trump Media has reported losses of more than 1.1 billion dollars (937 million euros). According to the most recent data, Nunes received a total of 47 million dollars (40 million euros) in 2024.
Read more: US: ICE director and architect of Trump’s deportation plan resigns (with video)
The new leader, Kevin McGurn, stated in a release that the company was “poised to take off.”
“By carrying forward President Trump’s unique and singular vision and message, Truth Social represents the most powerful brand and voice in the history of social media and beyond,” he said. The Trump Organization did not immediately respond to a request for comment.
The company has recently diversified its business into cryptocurrencies and prediction markets, online betting platforms where people can bet on sports, entertainment, and political events.
Both cryptocurrencies and prediction markets received boosts from the Trump administration in terms of looser regulations and direct promotion. In 2025, for example, Trump established a national bitcoin reserve, raising the currency’s value.
Read more: Lula nails Trump over image depicting him as Jesus (with video)
McGurn has worked at NBC Universal, Hulu, and DoubleClick, among other companies, according to the executive’s profile on LinkedIn.
He is also the leader of a company that Donald Trump’s two eldest sons, Donald Jr. and Eric, joined in 2025 to buy American manufacturers.
The company originally stated in regulatory filings that it would target companies expecting to obtain federal contracts, which would be awarded by the government led by their father.
The Trump Organization and the White House have repeatedly denied that conflicts of interest exist between Trump’s role as President and his family’s businesses.
