Trump Media CEO Resigns Amid Steep Decline in Company Value

Trump Media & Technology Group Corp. Sees CEO Departure Amid Struggling Stock Performance

In a move that highlights the struggles of Trump Media & Technology Group Corp. to parlay the president's power into a successful social-media company, Chief Executive Officer Devin Nunes has departed the company. Nunes, a former congressman who was plucked to lead the upstart over four years ago, left the company late Tuesday without a clear reason for his departure.

Nunes' departure underscores the challenges faced by Trump Media & Technology Group Corp. despite its early promise. The company's stock, which reached as high as $97.54 in early 2022, has since tumbled some 90% due to significant losses and limited revenue. On Wednesday, the company's stock slipped 0.4% to around $9.80, not far from last month's record low.

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The company's struggles are not unique, with other MAGA-linked stocks such as GrabAGun Digital Holdings Inc. and American Bitcoin Corp. also experiencing sharp declines. The departure of Nunes marks another setback for the company, which has failed to gain traction despite President Donald Trump's continued use of the platform to roll out policies and announce major decisions.

Donald Trump has used Truth Social to shake world politics, often spurring swings across equity, bond, and commodity markets. However, beyond Trump's posts, the platform has failed to catch on, and even his updates quickly pop up on other sites like Elon Musk's X.

The company's stock has tumbled over 60% last year, despite Trump's return to the Oval Office. Trump Media has since branched into new ventures, including prediction markets, cryptocurrencies, investing, and even nuclear fusion, through a planned combination with TAE Technologies Inc.

Kevin McGurn, who has previously held roles at T-Mobile US Inc., Vevo, and Hulu, will act as interim CEO. McGurn sits in a position of power in at least one other business in the Trump family's orbit, serving as the CEO of a blank-check company that Eric Trump and Donald Trump Jr. advise.

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In a statement, Nunes said that it was the "appropriate time" for McGurn to lead the company through a transition period, allowing Nunes to focus on other roles, including leading an intelligence advisory group.