Devin Nunes
The parent company of Truth Social, founded by Donald Trump, removed Portuguese descendant Devin Nunes from leadership, after the group’s value fell by more than five billion euros.
Devin Devinleader of the Information Advisory Council of the President of the United States, will be substituted temporarily by digital media executive Kevin McGurn as Executive Director.
The company Trump Media and Technology did not give a reason for the departure of the former Republican congressman in Donald Trump’s first term nor did it reveal any plans for naming a permanent replacement.
After spiking shortly before Trump’s re-election in November 2024, company shares fell 67%.
With the aforementioned context, the company lost more than six billion dollars (five billion euros).
Trump Media was created by the Trump family as an alternative to the tech giants that banned him from posting on social media following the Capitol riots on January 6, 2021.
The company stated that it would not only take on Facebook and Twitter like a alternative to “freedom of expression”but it could eventually become am media giant and compete with ‘streaming’ services like Netflix.
But the company never gained traction with a broad audience, despite Trump frequently using the platform for major political ads, something government ethics experts have criticized as a conflict of interest.
What went wrong?
Since going public two years ago, Trump Media has had losses of more than 1.1 billion dollars (937 million euros).
According to the most recent data, Nunes received a total of 47 million of dollars (40 million euros) in 2024.
The new leader, Kevin McGurn, said in a statement that the company was “ready to go”.
“By carrying forward President Trump’s unique and unique vision and message, Truth Social represents the most powerful brand and voice in the history of social media and beyond,” he said.
The Trump Organization did not immediately respond to a request for comment.
A company recently diversified its business into cryptocurrencies and the prediction marketsonline betting platforms where people can bet on sports, entertainment and political events.
Both cryptocurrencies and prediction markets have received boosts from the Trump administration, in terms of looser regulation and direct promotion. In 2025, for example, Trump established a national bitcoin reserve, increasing the value of the currency.
Who succeeds Nunes?
McGurn worked at NBC Universal, Hulu and DoubleClick, among other companies, according to the executive’s profile on the social network LinkedIn.
He is also the leader of a company that Trump’s two eldest sons, Donald Jr. and Eric, joined in 2025 to buy American manufacturers.
The company originally stated in regulatory documents that it would target companies hoping to win federal contracts, which would be awarded by the government led by its father.
The Trump Organization and the White House have repeatedly denied that there are conflicts of interest between Trump’s role as President and the family business.
