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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