Trump Media replaces CEO Devin Nunes as its losses top $1 billion

MoneyWatch Trump Media replaces CEO Devin Nunes as its losses top $1 billion .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Aimee Picchi Aimee Picchi Associate Managing Editor, MoneyWatch Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports. Read Full Bio Aimee Picchi April 22, 2026 / 10:33 AM EDT / CBS News Add CBS News on Google Trump Media & Technology Group is replacing CEO Devin Nunes, who led the company through its public debut and a subsequent surge — and swoon — in its market value.Trump Media, which trades under the ticker DJT — the same as President Trump's initials — said Tuesday that Nunes would be replaced by interim CEO Kevin McGurn.Nunes, a former Republican congressman, oversaw the social media platform's stated mission to provide "a safe harbor for free expression." Despite serving as a pulpit for Mr. Trump's frequent posts, Truth Social has struggled to attract advertisers. The company's revenue has risen only 1.8% over the past year, while it has lost more than $1 billion since going public two years ago, according to its most recent annual report.Trump Media's stock price tumbled 58% during the previous 12 months, erasing billions in shareholder value. Valued at close to $10 billion when it went public in March 2024, the company now has a market capitalization of $2.7 billion, according to FactSet.Shares of Trump Media traded at $9.78 on Wednesday.McGurn said the company "is poised to take off and meet that vital challenge and opportunity," according to a statement from Trump Media."In carrying President Trump's unique, singular vision and message, Truth Social stands for the most powerful brand and voice in the history of social media and beyond," he said. Veering i...