Former congressman Devin Nunes is leaving Trump Media & Technology, which operates the social media platform Truth Social, after more than four years as its chief executive.
Nunes announced his departure from the company in a lengthy statement Tuesday night, saying he planned to focus on his role as chairman of Trump’s intelligence advisory board — which advises on U.S. security matters — and other ventures.
President Donald Trump controls a majority of shares in the publicly traded company.
Nunes, a Republican and staunch Trump supporter, announced his resignation from his California congressional seat in December 2021, a few months before Truth Social was publicly launched. Trump started the social media platform as an alternative to Facebook and Twitter, which had banned Trump from posting after the Jan. 6, 2021, insurrection. Facebook and Twitter have since reinstated Trump’s accounts, but the president has almost exclusively posted on Truth Social during his second term.
Still, Trump Media so far has not lived up to its vast ambitions. At its founding, it had planned to compete with tech giants, from Amazon Web Services to Disney+. In projections shown to investors and included in Securities and Exchange Commission filings in 2021, the company said it might have 81 million users and $3.6 billion in revenue by 2026.
Instead, the company has lost money since it went public, despite a spike in its stock prices before Trump was elected to a second term in November 2024. It lost about $58 million in 2023, about $400 million in 2024 and about $712 million last year, according to its financial filings. The company said in a past filing that it expected to continue to incur “operating losses and negative cash flows” as it worked to expand its user base but that it anticipated growth would come from “the overall appeal of the Truth Social Platform.”
In June, Trump Media announced that it would buy back $400 million of its shares. Its stock price has fallen from a high of $97 a share to less than $10 a share, and the company is now valued at about $2.7 billion.
On Tuesday, Nunes touted the company’s expansion since its founding and said he had helped achieve “Trump Media’s original mission of giving the American people their voices back.”
“President Trump started Trump Media due to the suppression of free speech online by tech oligarchs,” Nunes said in his statement. “In response, we built a team and launched a global social media platform, Truth Social, developing our own infrastructure in order to make our services uncancellable and to restore free expression for millions of Americans.”
Kevin McGurn, a media executive who has served as an adviser to Trump Media since December 2024, will replace Nunes as interim CEO, according to the company.
Douglas MacMillan and Julian Mark contributed to this report.
The post Former congressman Devin Nunes departs as CEO of Trump media company appeared first on Washington Post.
