Trump Media announced on 21 April 2026 that Nunes had stepped down as Chief Executive and Chairman, with adviser Kevin McGurn taking over as Interim CEO effective immediately.
The departure comes less than two months after the company filed its full-year 2025 results with the Securities and Exchange Commission, disclosing a net loss that dwarfed its revenue by a ratio of nearly 193 to one. DJT shares, which briefly traded above £50 ($66) at the stock's public debut in March 2024, have since fallen to approximately £7 ($9) in April 2026.
The company, which operates the Truth Social platform, the Truth+ streaming service, and the Truth.Fi financial brand, offered no reason for Nunes's exit and provided no timeline for a permanent replacement. Donald Trump Jr., acting on behalf of the Trump Media board, issued a statement praising both men and said McGurn was 'uniquely positioned' to guide the company through what he called 'an important period.'
What the 2025 Financial Results Show
Trump Media's 2025 annual report, included in its Form 10-K filed with the SEC on 27 February 2026, shows total revenue of £2.8 million ($3.7 million) for the full year ended 31 December 2025. That figure represents the entirety of what the company earned from its advertising-supported social media platform and its streaming service across 12 months.
The £544 million ($712.3 million) net loss was driven primarily by non-cash accounting charges rather than cash spent on operations. Of that total, £308 million ($403.2 million) came from unrealised losses on the fair value of digital assets the company holds, and £137 million ($178.8 million) came from mark-to-market losses on digital asset-related securities.
BREAKING: Devin Nunes is OUT as the CEO of the Truth Social Parent Company, Trump Media.
— Brian Krassenstein (@krassenstein) April 22, 2026
The company brought in just $3.7 million in revenue last year, and LOST $712 million.
The Stock is down from $58 to $9.82.
Another Trump FAILURE! pic.twitter.com/2UcD1PW08Y
A further £45 million ($59.2 million) in non-cash stock-based compensation and £21 million ($27 million) in non-cash interest expense on outstanding debt brought the consolidated adjusted EBITDA loss to £508 million ($664.4 million). The company highlighted that it achieved positive operating cash flow of £11.3 million ($14.8 million) for the year, crediting an options hedging strategy linked to its bitcoin treasury holdings.
For context, since the company went public in March 2024, it has accumulated total losses exceeding £843 million ($1.1 billion), according to reporting by the Associated Press. Nunes, meanwhile, received total compensation of £36 million ($47 million) for 2024 alone, the last year for which those figures are publicly available.
Nunes's Tenure and His Next Role
Nunes, a former Republican congressman from California's Central Valley, left Congress abruptly in December 2021 after nearly two decades in the House of Representatives. President Donald Trump announced his appointment to lead Trump Media on the same day Nunes disclosed his congressional exit. He had been one of Trump's most loyal political allies, notably serving as ranking member of the House Intelligence Committee and playing a central role in efforts to discredit the FBI's investigation into Russian interference in the 2016 election.
Full statement of Devin Nunes concerning his departure from Truth Social's parent company https://t.co/YcVsH03bez
— John Solomon (@jsolomonReports) April 21, 2026
Under Nunes, Trump Media completed its March 2024 merger with Digital World Acquisition Corp., a blank-cheque company, making it a Nasdaq-listed public company under the ticker DJT. In his departing statement, Nunes said he was proud to have grown the company's financial assets from roughly £153 million ($200 million) at the time of the merger to approximately £1.9 billion ($2.5 billion) at the end of 2025, noting that Truth Social grew from a social media start-up into a public company. 'It's been an incredible honour to serve Trump Media,' he said, adding that he remained committed to the company's free-speech mission.
Nunes will now focus on his role as Chairman of the President's Intelligence Advisory Board, a White House advisory body he joined in January 2025. Trump Media said that role guided his decision to step back from day-to-day company operations. The company had also previously announced that, following its planned merger with California-based fusion energy company TAE Technologies, Nunes would serve as co-CEO of the combined entity alongside TAE's CEO Michl Binderbauer. That merger remains pending.
The Stock's Collapse and What McGurn Inherits
When DJT debuted on the Nasdaq in March 2024, its shares briefly traded above £50 ($66). The stock surged again ahead of the November 2024 presidential election but has collapsed since. As of April 2026, shares trade at approximately £7 ($9), a decline of roughly 86 per cent from the listing-day high. ABC News reported that the stock fell 67 per cent from its post-election peak alone, wiping out more than £4.6 billion ($6 billion) in investor wealth.
McGurn, the incoming Interim CEO, previously held executive positions at Hulu, Vevo, and T-Mobile and has been a Trump Media adviser since December 2024. In a statement released alongside his appointment, he said the company was 'poised to take off,' describing Truth Social as 'the most powerful brand and voice in history of social media and beyond.' Trump Media did not announce a timeline for naming a permanent replacement.
The company has recently diversified away from its core social media business, building out a cryptocurrency treasury strategy using bitcoin and adding prediction-markets products to its roster. Both areas have benefited from the Trump administration's lighter regulatory approach to digital assets, though neither has yet produced meaningful revenue at a scale commensurate with the company's £1.9 billion ($2.5 billion) in balance-sheet holdings. The full-year 2025 earnings press release acknowledged the company 'expects to incur operating losses for the foreseeable future.'
A company that sells itself as a platform for free speech will now have to demonstrate, under new leadership, that it can sell advertising well enough to justify its valuation.
