April 22 (UPI) — Former Republican Rep. Devin Nunes resigned from his post as CEO of Trump Media and Technology Group on Wednesday as the company’s losses topped $1 billion.
Nunes, who has been the company’s CEO since 2022, when Truth Social launched, was replaced by former Hulu and Vevo executive Kevin McGurn. McGurn was appointed the interim CEO.
“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,” President Donald Trump said in a statement. “Kevin brings deep experience across media, technology and capital markets, as well as a strong understanding of Trump Media’s operations and strategic priorities.”
Truth Social, the centerpiece of Trump Media, was created in response to Trump being banned from other social media platforms such as Facebook and Twitter following the Jan. 5, 2021, attack on the U.S. Capitol. Despite being a regular channel for Trump to share his opinions and sometimes announce policy decisions, it has not gained the popularity of its competitors.
Trump Media reported $3.7 million in revenue and a net loss of $712 million last year.
The company went public in 2024. On Wednesday, shares of Trump Media were trading for around $9.71. The stock’s value fell by 58% during its first year on the market, falling from a total value of nearly $10 billion down to about $2.7 billion in market capitalization.
Trump Media projects that losses will continue for the “foreseeable future.”
“If Truth Social or Truth+ fails to develop and maintain followers or sufficient audience, or if adverse trends develop for social media platforms or streaming services generally, TMTG’s business would be adversely affected,” the company wrote in its annual report to shareholders.