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, the company now has a market capitalization of $2.7 billion, according to FactSet.

Shares of Trump Media traded at $9.78 on Wednesday.

McGurn said the company "is poised to take off and meet that vital challenge and opportunity," according to a statement from Trump Media.

"In carrying President Trump's unique, singular vision and message, Truth Social stands for the most powerful brand and voice in the history of social media and beyond," he said.

Veering into crypto and fusion

As Truth Social struggled to gain traction with advertisers, Nunes guided Trump Media into other emerging businesses, first branching into investments and cryptocurrencies, and later into a 2025 merger with fusion energy company TAE Technologies. 

In an April 21 post on Truth Social, Nunes said it was "an appropriate time for Kevin McGurn, a Trump Media adviser with deep experience in media, mergers and acquisitions, to take over the company's leadership and steer Trump Media through its current transition phase."

Nunes said he would "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."

McGurn has worked at NBC Universal, Hulu and former online ad serving player DoubleClick, among other companies, according to his LinkedIn profile. He is also CEO of a new shell company that Mr. Trump's two oldest sons, Donald Jr. and Eric, joined last year to buy U.S. manufacturers.