Trump Media & Technology Group, the parent company of Truth Social, announced on Tuesday that Devin Nunes is stepping down as chief executive officer after four years in the role. The company appointed Kevin McGurn, a digital media executive and recent adviser to the firm, as interim CEO effective immediately.

The leadership change comes as shares of Trump Media, traded under the ticker DJT on Nasdaq, have fallen dramatically. The stock closed at $9.82 on Tuesday, a steep drop from its debut price of around $58 per share in March 2024 following a merger with a special purpose acquisition company. The decline represents a loss of more than $6 billion in investor wealth over the past two years, with the shares down 67% in the last six months alone.

Nunes, a former Republican congressman from California and longtime ally of President Donald Trump, joined Trump Media in late 2021 after resigning from the House of Representatives. He served as CEO, president, and chairman during a period marked by consistent financial losses and volatile stock performance. In 2024, Nunes received $47 million in total compensation.

In a statement posted on Truth Social, Nunes described the departure as occurring at an "appropriate time" for a leadership transition. He praised the need for a new leader with media and mergers experience to guide the company through its current phase.

The announcement was issued by Donald Trump Jr., a board member who oversees a trust controlling President Trump's 115 million shares in the company. Neither Trump nor other board members provided additional reasons for the change.

McGurn, who has advised Trump Media since late 2024, previously served as an executive at Hulu and is listed as chief executive of Texas Ventures in recent filings. No timeline was given for a permanent CEO replacement.

Trump Media has pursued diversification beyond its Truth Social platform. In December 2025, it announced a $6 billion all-stock merger with TAE Technologies, a nuclear fusion company backed by Google, aiming to create one of the first publicly traded firms in the sector. Nunes was set to serve as co-CEO in the combined entity. Earlier this year, the company explored spinning off Truth Social via a merger with Texas Ventures Acquisition III, another SPAC.

The company has reported ongoing losses, including its third straight quarterly deficit in late 2025. Shares have traded near record lows recently, with pre-market indications showing continued pressure early Wednesday.